Financial Times , 1982, UK, English

DOUGLAS

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BmMINGHAM'CARDfFF-eOfHBURGH-GLASGOW
LONOON-RAUiHAM'SALE-STOCKTON-OM-TEES
. SWMSEA-Wl6A«-YATE*nd OVERSEAS

NO. 28,8'

CONTINENTAL SELLING PRICES: AUSTRIA Sch-15; BELGIUM Fr 35; PENMAHK KrS.50; FRANCE

(SHE'D IN LONDON AND FRANKFURT

Tuesday August 31 1982

g^ing...
King & Co

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industrial and
i Commercial Property

1 TeE:3u-£3BSS*aO Telex: 885485

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GBtMANY DM 2.00: ITALY L1,m NETHERLANDS H ZJS: NORWAY Krfi-00: POR TOBW ^bS SPAIN Rt*85: SWEDEN Krfi.00: SWITZERLAND frZMi EIRE 50p: MALTA 30c

NEWS SUMMARY

GENERAL

Irish
link in
Paris

BUSINESS

TUCto

tighten

pension

Government seeks to CBI ^

,. , .. worldwide

revealing public slump wm

sector pay indicators continue

M. V By Max Wilkinson.

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

By Max Wilkinson,
Economics Correspondent

arrests control

to

THE GOVERNMENT faces
major embarrassment over
plans to avoid disclosing its
views on the likely increase in
public-sector pay next year.

Last autumn it announced an
official “ asumption '• that the
public-sector pay bill would rise
by 4 per cent this year. This
“ assumption," needed for

Three people arrested In Paris _ .

this weekend were reported In * . TUC is planning

Dublin yesterday to be members bring workers’ pension funds
of the Irish National Liberation i? nder clos f. trade 1101011 comrol
Army, the political arm of the , y persuading trustees to chal-
Dnb tin-based Irish Republican l en ® e , . l ^e orthodox}- of the
Socialist Party. funds investment managers.

In France sin Elvsee Palace ♦ P"-. priorities W . UI he preparation of pubfic-expendi-

JSzJSr'ZLw? iK DI 10 set a 1,mJt on overseas invest- ture estimates, was widely

g*S *£22.’ ? eDt and 10 harness the funds interpreted by the. trade unions
kett, Stefan lung and Mary Reid f or domestic industrial invest- as the opening move in the

raenL BackPa S* GovSnmSt’s strategy for ihl

S Britiih i£d • VULNERABLE members of 19S1 ' 32 PuHUwmor pay round.

The Hague. It was unclear tbe European Monetary System,
whether the authorities suspect such as the French franc and

any connection with the spate Italian lira, showed - a slightly

of attacks in Paris, mainly firmer trend at the end of the

linked with Middle East week.

disputes Earlier the franc came under

Tho INLA „ on >,10*0. or*onl- —■

vous throughout on fears of the
franc’s possible withdrawal from election,
the EMS. The Bank of France The main difficulty is that
sold D-marks as the Germany any figure below last year’s 4
currency rose to a record level per cent could seem provocative
Len Murray, TUC general secre- against the franc, and also to the unions if inflation is run-
tary. said yesterday the indus- pushed up Eurofranc interest ning at the expected annual rate
trial action taken so far in the rates -<■ -- - < « —

This year, however. Sir
Geoffrey Howe, the Chancellor,
is anxious 10 avoid revealing the
Govern rent's overall pay
assumption for the public
sector. This is partly because it

A CONTINUING slump in the

is feared, might stir the miners would have to be supplied by world economy and almost no
to discontent. the Treasury and might well growth for ihe UK this year are

Conversely, the Government become public knowledge. forecast today by the Confedera-
does not want to announce, or TIie Treasury is faced with tion of British 'industry in its
to see leaked, a pay figure for ^ father difficulty that last la,est Situation Report,
this year higher than last year's year's 4 per cent figure was The CBI outlook is even more
4 per cent. This, it is felt, partly ah assumption for plan- Sloomy than the warnings of
would give a quite false ienpres- ning pur poses partly an esti- ®tonomlc stagnation which
sion that the Government in- mate ^ goal outcome and, followed its quarterly survey of
tended to relax its grip on most importantlv. an opening industry last month,
public-sector pay. bid. Its estimate of the out- Since then companies have

Treasury officials, therefore cwne may differ considerably reported increased pessimism
have been examining the possi- f r<>m any published assumption. abou t export orders and a
bih* of drawing up no*, .oar's The CM, Son,^ pay

S£mK Us?or antoSL* S sli S' 1,lv «•"««>* Precis for
5.9 per cent, and total public
service pay settlements have
averaged between 6 per cent
and 7 per cent.

2n the economy as a whole
this year, settlements have

spending plans in such a way
that the vital figure is not
revealed to the public.

One possibility under discus-
sion is that departments could
be given cash budgets which had
no provision for any increase in
public servants’ pay.

The Treasury would instead

output.

The only cheerful aspect of
the CBI’s latest monthly inquiry
of industry is o further indica-
tion that inflation will be
reduced.

Reports from the regions

sation in Britain and Northern
Ireland, but not in the Irish
Republic. Page 2

TUC threat

has become clear to ministers ** * 15S mm iSn th* E? averaged -a little over 7 per cent view hat

that. the same gambit could mis- To ^et pay «£? 2 ill S S5i Ini-SLi S

fire in preliminaries to a general %!2Z!zL after They were ft SFZLF* economic activity for the rest

per ceni. thj VB ,_

The Treasury's best estimate Qn #f j|s ,

rates sharply, despite the
National Health Service had to general downward trend in
be stepped up to persuade the world interest rates, including
Government to listen. Back Page cuts in the U.S.. German, Swiss

and Dutch discount rates.

Carnival success The D-mark also touched a

of 7 per cent to 7i per cent by
late autumn.

A 3 per cent “pay assump-
tion.” for example, would
probably be represented as a
... „ , . , government plan to cut the real

London's 17th Notting Hill Car- I value of public-sector pay by 4

nival went off with a flourish S 1 * per cent. Such a construction, it

this weekend attracting record nmalarttot strongest member

increases

settled.

This idea, however, conflicts foj- next v ear's par increases , . -

somewhat with the spirit of the Js probablv about 5 per cent or apd l . he ral f her y,oorDy

new cash-planning system under q per cent.* similar to its assurop- offic ! al , statistics for output,
which departments arc allocated tions about inflation. stock levels, capital spending

a lump-sum to cover all their it i s likely the Government , im P or(s - the ls now
spending, including that on wishes to see public sector forecasting that Total UK output
wage bills and capital projects, settlements at the lower end be . 0T ^- V - pcr

Another difficulty is that of the range. It is not expected, cent higher than last year,
departments must use some pay however, to be planning for . For 19 *3> 11 1S , npi £ forecast-
assumption for next year in public sector increases to be lng grow ! h la pe .r

order to plan the breakdown held a long way below the going conipared with itse prediction
between their current and rate fqj the second year 01 r per cent published in the
capital spending. This figure running. spnng.

One of the mam reasons for

EMS AUG. 27,1982

given warning
of ‘economic disaster’

I ECU HVERGI

■ 4 - _

crowds. Few people were
arrested mostly for minor
offences.

China congress

The 12th Congress of the
Chinese Communist Party
which begins on Wednesday is
likely to cal for the re-registra-
tion of all parly members. .•

Back Page . .

Talks cancelled

Iraq has decided not to go
ahead with a meeting of non-
aligned foreign ministers in
Baghdad -due to open later this
week.

Belgium arrests

Belgian police arrested 10
people near Bruges as pro-
testors stopped two trains
carrying radioactive waste due
to be dumped in the Atlantic.

Ingrid Bergman h

t j D.vmvi.n _# Wrtiiv raf ”- The upp£Y ba ~* d °JL r promoting a world recovery.

Ingrid Bergman, one of Hotly- waaAos* currency in the system defines ^ ,, . . , , — . —

wood's biggest stars and wanner the cross rates from which no currency Luc uia era oi mier- depriving many an economy of World Bank and announced that

of three Oscars, has died in ir e lT f ^n!^rZ ay ioZer Q cnmt a mvJs ? atI0 " al co-operation in manag- even the capacity lor survival." the UK would pay its full £1 85m

London aged 67 foUowini; a low ^ S « «»

illness Page 10 " central rate' against the Europeon ij^nea ai ureupn wooas alter Chancellor, wbo was chairman

- -o Currency unit (Ecu) itseii a basket the war, had now vanished. 0 f the meetin° echoed these

29 runs to win europ ** n *'"*'>«'"• "The economic Internationa- sentiments only^partly when he

oq nms to win • LONDON-GATW1CK rail hsm of the post-war period was said this was a “particularly —

29 - rulis __... o _ jinif scheme to be privately built, it is true, oo the collapse difficult time of world reces- contributions to IDA this next

thejrhtra .Test a 5^f; r ,f^ asiaD ' financed is expected to go be- of tb e !930s. Must we stand sion, of rising unemployment year has been in doubt because

f ore ministers in the next few transfixed and helpless waiting and acute problems of adjust- of a decision by the U.S. Con-

BY MAX WILKINSON

THE V.’ORLD is ftfr'-fha brink * Kr Hamphal said the recent fla.Ln” to make, way for re-
of an “economic disaster" rescheduling crisis over newed growth and stability,
comparable to therecession of Mexico's huge debts illustrated He pointed to the more opti-
the 1930s, Commonwealth how grave the state of the eco- mistic signs of the recent fall
Finance Ministers were warned nomy had become. of interest rates in the U.S.

Unprecedentedly high interest a nd the 5| point cut in UK
rates now threatened countries short-term rates since last
whose creditworthiness had auTumn -
been beyond question and had Continued progress in
produced numbers of unera- reducing interest rales would,
ployed not seen by anyone however, depend on the success
the world economy. The Inter- under 50. In addition the fall with which a resurgence of in-

I national Monetary Fund and the j n commodity prices was pro- flationary expectations could be
World Bank in particular should during foreign exchange deficits prevented, he told the meeting,
play a more vigorous r ole la for most of the developing coun- Sir Geoffrey cautiously

tries “so severe that they are defended the record of the

World Bank and announced that
the UK would pay its full 1185m
contribution to the Bank's soft
loans arm, the International
Development Agency iIDA) for
1983.

The extent of international

at the opening session of their
meeting in London yesterday.

Mr Sbridath Ramphal. the
Commonwealth . Secretary-
General called for a major
international effort to revitalise

the more pessimistic outlook is
the worsening prospects for
exports as a result of the con-
tinued depression of the world
economy. The CBI now believes
exports will grow by only about
{ per cent Ihis year and lj per
cent next ye3r compared with
a growth of 6$ per cent in im-
ports Ibis year and 5 per cent
next.

However, it believes that in-
flation will come down to an
annual rate of about 7 per cent
iiy the end of ihis year, and
that this lower-lhan-expected
rate will boost consumer spend-
ing by about II per cent in
real terms next year.

It is also expecting some con-
tribution to growth next year
from a rebuilding of slocks after
a further small reduction of
stock levels this year.

Companies' real profitability
is expected to recover from an
average of 2.8 per cent last
year to about 4 per cent this
year, but the CBI points out that
this compares with about 5 per
cent at the bottom of the 1975
recession and more than 10 per
cent throughout most of the
1960s.

Continued on Back Page
South-East optimistic Page 4

BY OUR FOREIGN STAFF

POLICE went on the alert in
Poland's major cities yesterday,
i ready to snuff out mass demon-
strations called to mark the
second anniversary of the
founding of Ihe Solidarity trade
union today.

Dozens of armoured personnel
carriers, water cannon and
police trucks were moved into
Warsaw's main -.quarts and
other areas designated as
gathering points by Solidarity's
underground leadership.

Helmet ed forces, from squads
with crowd dispersal training,
patrolled some main streets.

Heavy police activity was also
f reported in the port city of
i Gdansk, the union's birthplace.

I Sztvzerin, Wroclaw and Krakow.

PAP. the official news agency.

{ published a reminder yesterday,

I warning anyone planning to
! follow ilic Solidarity call to
demons i rate, that all demons; ra-
tions. marches, public meetings,

I protest-, end strikes are banned
! The report, which was
j exnerted ;o he published in

• today's official Press, listed
l penalties, including prison

terms, for violations,
j It said those found guilty of

• inciting people to cause dis-
j turbancos could face tip to 15

years in jail, Reuicr reports.
Organising s strike or distri-
buting leaflets with false infor-
mation could draw a five-year
term.

G ra vo wa rnings about pos-
sible eruptions of violence at
the demonstrations and even a
subsequent armed uprising,
which have been made by
ministers and newspapers in
the last week, were replaced by
appeals for prudence in yester-
day's Press.

The milder line followed a
comparatively restrained speech
by mini tan- ruler Wojciech
JaruzclRki televised on Sunday.
He said the anniversary should
be marked in an atmosphere of

peace and hard work.

Yesterday the authorities
restricted the sale of alcohol
for the next three days, and
Poles ha vp been queuing at
petrol stations in advance of to-
day’s anniversary in case sales
are stopped.

Snlidariij-’s underground
leaders have called for people
lo gather ai main squares in
Poland's industrial cities this
afternoon, m display continued
support for the union more ihan
eight months after it was sus-
pended under martial law.

The*: have also said, in scat-
tered leaflets and bulletins, that
the demon -i rations are to back
their demands for a renewed
dialogue with the Communist
authorities and lhat. if the pro-
test call is ignored, it could show
th<* undenrround is broken.

Last week government leaders
mounted .? campaign of
speeches and Pres? articles say-
ing the organisers were prepar-
ing weapons and intended to
singe n general strike followed
b'- .1 possible armed insurrec-
tion.

Yesterday's Press toned down
this enn roach. " A Tosponsibi-
llrv for prudence rests with
over* single citizen.” the Com-
munis: Partly** daily Trybuna
Ludu said.

The papers carried warm
praise of the August 31. 1980
accords, which ended a summer
of worker unrest and opened
the wav for Eastern Europe's
first independent trade union.

“ The country is again in need
of the social will which gave
birth to the August agree-
ment s." wrote the normally-
hardlinc army daily Zolnierz
Wolnosci.

The message of the Press was
that the agreements reached two
years ago tomorrow began a
process of social and socialist
renewal which must not be
halted.

Bendix- stiares suspended

BY RICHARD LAMBERT IN NEW YORK

TRADING IN Bendix Corpora-
tion's shares was suspended yes*
lerday as directors of Martin
Marietta were meeting to con-
sider Bendix's 5l.5bn offer for
their company.

The suspension reportedly
came at the request of the
Marlin Marietta board, leading
to renewed speculation that the
company might be contemplat-
ing a retaliatory takeover offer
for Bendix itself.

Rumours of surh a bid sent
Bendix’s shares up to S57 before
the suspension, compared with
about $51 when it announced
its bid for Martin Marietta, a
diversified aerospace group.

last week. At that price, Ben-
dix is capitalised at more than
$ibn.

Eendix has been diversifying
its engineering activities away
from the automotive sector for
the past five years. It had
acquired about 4* per cent of
Martin Marietta’s stock before
the offer was announced last
week.

Marlin Mariette is a leading
contractor on projects such as
the space shuttle, the Titan III
space launch vehicle and the
MX missile. It is also a major
producer of cement and had a
large chemicals interest.

week6. Back Page

with 4 wickets rem ainin g.

Drug control call

The UK Office of Health • . H ? L £f V6 ?* r -i 1116

Economics has called for more Australian steel and natural re-
refined methods of measuring sources company, is raising

the effects of new medicines. ■^ r00 ^ SJ? ?} 0 h drawTnstitu"
p_„- c nique designed to draw lnsutu-

6 tions into long-term project

Bulgarians held financing. Back Page

The Mozambique Resistance 9 FRITISH STEEL Corporation
Movement Teported it was hold- workers at Scunthorpe fear that
ing five Bulgarians and had' another 1.000 job cuts wtil be
killed 10 government soldiers announced at the plant,
frilowing attacks over the past ^ FRANCE’S Finance Ministry
two days. . is believed to Be preparing a

Mnnetor marrow FF r l<*>n Cf831rai domestic

monster marrow bond jssue . t0 help th e

Security guard David Payne of budget deficit.

Tewkesbury, Gloucestershire,

for a new collapse, a new merit to a less inflationary gress to defer part of its S2.34bn
depression before we summon However, he emphasised the contribution previously agreed
forth a new internationalism?” continued need to cut in- for 1931-83.

Bonn renews criticism of U.S.

BY JONIA7NAN CARR fN BONN

WEST GERMANY has renewed
its criticism of UJS. develop-
ment aid. trade policies and
budget — just before the annual
meet ins of the World Bank and
International Monetary Fund in
Toronto at the weekend.

West German Minister added
there would not be any warn

It was clear that the Reagan
Admin ration — which had a

basically different economic ings. " We are not out to anta-
approach to its predecessor — gonise." he said,
needed some time to determine At the meeting Mr Jacques
its policy course, Herr Lahnstein Delors. the French Finance
said. ’ *• But it would he Minister, dismissed rumours
In an article released here dangerous if it came to a biccx- that France might be eonsider-
yfjterday. Herr Manfred j n g 0 f important international ing leaving the European Mone-

has grown a 105 lb marrow, D WEST GERMANY'S Cabinet Lahnstein. the Finance Minister, decisions.” not least after the tary System or devaluing the
setting's new world record. seems set to approve tomorrow made clear the O.S. could b roa( j 3t »cord on IMF and World franc again. He said the

setting' a new world

Briefly > . -

a DM l.lbn ( £256m ) loan expect pressure at the meet- g an k matters already reached rumours were unfounded.

£ebastiap Coe set a new men’s
4 x SQO metres world record at
Crystal Talace yesterday.

at the Western Economic A further reduction in

Summit in Versailles in June. interest rates, was singled out
Herr Lahnstein also said Bonn bv Ministers as a key factor
shared Washington's view that which could improve the

free and fair world trade were economic climate, which was

viewed with general gloom by
all the EEC’s finance ministers.

W It* H ™ 1 n Prf ever, Herr Lahnstein said the They agreed that there would
U.S. monetary policy needed _ * nnm did not

guarantee for the stricken ing in all three policy areas,
electricals concern AEG-Tele- He welcomed the recent
funken. decision by Washington to in-

. „ ^ crease taxes as “ a step in the

• BL and Vauxhall-Ope! are direction" — but he in-

to follow Ford’s example and dicated more was needed if

The -Soviet Union bascom- ^ 4ha discount they give their vs J nd hence world , interest ‘"in^mnark vesterday how-
^n tCd i* deaIers on neW m Page 4 rates were 10 Wtinue to falL J® Her? Lahnstefn said tite

tnlja^e la Turkmenia, ^ CIVIL SERVICE union u s - monetary policy oeeded^ Eur o pean Community did not be no upturn in the European

fV ,,. leaders are proposing tight intend to harrass the U.S. economy this year, and hoped.

JMdi restrictions on. local committees. ta ^/S t eni?tionaMedd1n° the Administration. rather than expected, Thai

president Of the Worid J ews*i ^ h p i aye d a key role in the -.9“ “ e " 1 ] . d th _T’ . hp EEC Finance Ministers agreed things would improve in 1983.

30 ^ 21-week strike last year. Page 8 * S clear its at an informaJ meeting in All countries expected unem-

ZFeZto*'* .BABCLAVS «« Bank. ~ -"S

2S.srura

CONTENTS

laee : Why it is harder to party congress; Education 14
tart 3 business- if you are Guernsey m . No substitute

ilack 14 -for flowers 5

JJS. economy: Currency Tedmrtogy; Maintenance-

loating r s failure 15 free copiers 11

xnnbard : Max Wilkinson Management : Attracting
m UK productivity 15 redundant professionals 12
idrtorial comment! Chinese Survey : Malaysia Insert

An* 10

AppolrttTOWt* , UR- R

intin m h N ' ... . ia

Bbm Rnt*a .,_:.„. 't6

Bond Sank* _.... p.

Biiilding ' fifbtn ... 2T

Bac'ttun's OEny _: 22

Company Nm* ,:u IT
Civalwotd'' A...... 1 ft

Mutts. Gufafii To.

Financial : Ctary ... .ft.

hnunM*. '. - . ft.

Inti. Cop. Markot* 17

Inti- Co. Mows ... 18. 19

Loaftors ™

Lottoro «

Lot ....« • 28

. Lombard — J®

Management " “

Man and Matte iT 14

PMoay ft Exohne*. 24

- Overseas Naw ... 2

-.Racing

'Share .IniofmaUon 26. 27

- Technology 11

TV and Radio rt

UK News:

General

Labour

Unit Trusts

Weather

•World Econ. Ind.
World Stock MM*.
World Trade

4.6
S
25
28
. 3
23
3

ANNUAL STATEMENTS
F, H. Tomkins ... 17

Fairview Estates ... 16

DidiaT Werfce 6

For latest Share In dea; phone 01-246 S026

Shake-up at Continental Illinois

BY PAUL TAYLOR IN NEW YORK

CONTINENTAL ILLINOIS, the
Chicago Bank, yesterday an-
nounced a management shake-
up of its oil and gas group as
a result of the Penn Square

Bank collapse.

The benk, which reported a
$81 m (£35m) second-quarter
loss as a result of its involve-
ment with Oklahoma City’s
Penn Square Bank from which
it bought Slhn in energy loans,
yesterday sacked Mr John Lytle,
the vice-president who headed
the oil and gas division. The
division was mainly responsible
for the Penn Square loans.

The changes came after the

first phase of an internal in-
quiry into the impact of last
month’s Penn Square failure
which sent shock waves through
U.S. banking.

Mr Roger Anderson, Conti-
nental Illinois chairman, said
yesterday: "Our investigation
has shown that strong measures
must be taken to reinforce both
the discipline and the manage-
ment structure of Continental
Illinois and our actions are res-
ponsive to this requirement”

The bank has accepted the
resignation of a number of oil
and gas group officers and re-

assigned several jobs. Two
senior bank officers are to
retire.

Mr Gerald Bergman, an
executive vice-president fn
charge of the bank's industries
department which oversaw the
oil and gas group, has resigned
to pursue other business
interests.

Mr Anderson said a second
review phase would concentrate
on Continental's lending poli-
cies and practices. He said the
first bad shown that certain
control mechanisms should be
improved.

excavated, shifted, levelled.

r k - • & 6. * "■*

<5*. , ' y

000 1

BLACKWOOD liMi

o'

25. Berkeley SquJie. London YV1A *JAX

The world’s largest distributor
of earthmoving equipment

Sales, service and parts facilities in . . . United Kingdom andEiie. Angola. Australia. Bangladesh,
Belgium. Botswana. Burma. Canada, France. West German}’. Ghana, Ivory Coast Kenya. Liberia,
Netherlands. Nigeria. Pakistan. Portugal. Senegambia. Sierra Leone. Southern Africa. SaLaaka.

■ Spain. Tanzania. Zaire. Zambia. Zimbabwe.

2

Financial. Tunes Tuesday-.August 3 V 19S2

NEWS

French police arrest

INLA suspects

BY DAVID MARSH IN PARIS

THE FRENCH authorities
appeal- to have scored a pre-
liminary success in the fight
against terrorism following the
arrest in n Paris suburb at the
weekend of three persons sus-
pected of being members of the
Irish National Liberation Army.

The swoop, made by a crack

squad of i he National t lends r*

men? Intervention Group, was
hailed in a dramatic though
sketchy communique from the
Elysee Palace on Saturday
night as an ‘'important"
development “ in ihe circle of
international terrorism."

President Francois Mitterrand
has slaked an imporrant part
of his political standing on
Government measures to track
dov.-n the authors of the wave
of terrorist attacks which have
hit Paris over l he past six
weeks.

Last night it appeared lhat
the three Irish people — two men
and a woman, named late ;.<?*•
terday as Michael Plunkett.
Stefan Kine and Mary Reid —
were being held in connection
with aleyed nl3ns fnr attacks nn
British targets in Paris and The
Jla vue.

The Ely see Palace statement
said that documents and explo-
sives had also been seized in
the raid. But it was unclear
whether the authorities suspect
any connection with the recent
spate of terrorist attacks in the
capital, mainly linked with
Middle East disputes.

In the worst incident, on
August 9. six people were killed
in the city’s central Jewish
quarter in one of a series of
attacks on Jewish and Israeli
targets.

Ten days ago a bomb near
the Eiffel Tower killed a police
bomb disposal c.vpvrt. ft was
believed to have been aimed ."t
a U.S. embassy official living
nearby.

President Min errand hav -e«rn
his popularity in the opinion
polls drop sharply sin* - e Ihe
start of the new wave of alia' ks
— which have coincided with a
period oF gloom on the econ-
omic front.

In an unprecedented tele-
vision interview in mid-month,
he announced his personal deter-
mination to confront terrorism,
and unveiled a string of
toughened Government

measures aimed at. rein/orcin
security.

Another fruit of increased
police surveillance may hot
beeen ihe separate arrest at the
weekend in Paris of an allege '
Italian terrorist. Ore-ire
Seal zone, sought by ihe Dalian
authorities for several years.

The arrest of the alleged
INLA members, while welcome
as j sign of efficiency in anti
terrorist operations, may have
reopened old wounds in the
traditional running battle he
tween members of France’s
domestic security forces.

earnings

weakening

Thomson group shake-up

may strengthen new chief

BY OUR PARIS CORRESPONDENT

A PERSONNEL shake-up at the
top of France's nationalised
Thomson group looks likely lo
■strengthen The hand of M
Alain Gomez, the dynamic left-
winger appointed by ihe Govern-
ment in February to head the
electrical goods-to-arms con-
glomerate.

The move is a further step
in the Socialist Government's
efforts to strengthen control
over key state-owned industries
whose investment and research
decisions arc seen as increas-
ingly important to France's
economic future.

M Jean-Pierre Bouyssonnie,
the present chairman of the
groups electronics and military
arnt. Thomson CSF. is expected
shortly to resign his post and
hand over to M Gomez, already
chairman or the parent com-
pany, Thomson-BrandL

According to newspaper re-
ports in Paris— on which the

company yesterday officially
would make no comment — the
hand-over is expected to be
made at a board meeting on
September S.

The departure of M Bouys-
sonnie, a member of the " old
guard ” of French industry,
who has been with Thomson for
30 years and first became chair-
man of Thomson CSF in 1976,
would come as no surprise.

M Gomez, a co-founder of the
lef-wing Ceres group, at 43.
already has a successful career
in the civil service and industry
behind him. His elevation (o the
dual chairmanship of the two
Thomson companies would assist
Government plans for a radical
re-organisation of the group,
which made a consolidated loss
of FFr 180m tflSm last yean
primarily due to difficulties in
the television sector and in
telephones

West Germany set to
approve AEG guarantee

BY JONATHAN CARR IN BONN

THE WEST GERMAN Cabinet
seems set to approve tomorrow
a DM l.lbn {£238m> Joan
guarantee fur the stricken
electricals concern. AEG-
Telefunben.

Count Otto Lambsdorff. ihe
Economics Minister, said in an
interview published today that
he would recommend approval
on two conditions. These were
that the laender (the provincial
stales) themselves supported the
guarantee action, and that the
banks stood by their credit
promises to AEG.

Although difficult talks are
still going on about the guaran-
tee between Bonn and the
laender. it is felt likely that
both Count Lambsdorff's condi-
tions will, in fact, be met.

Approval by ihe Cabinet will
open the door to further credit
for AEG and raise hopes that
a court settlement can be
reached which avoids bank-
ruptcy.

AEG applied on August 9 for

the opening of court proceedings
which would allow it to write off
60 per cent nf a crushing debt
burden Totalling more than
DM 5bn.

Tiie Federal Government has
already agreed to provide
DM UtJUnt in guarantees for loans
dirccLly connected with ARG's
export business. Bur before
approving a further D.\I l.lhn in
general loa:i guarantees, it
needed an auditor's report say-
ing the proposed court settle-
ment proceedings stood a real
chance or being successful.

A 50-page report from the
auditing concern. Treuarbcit,
was received by the Economics
Ministry last Thursdjy — and
proved generally positive.

Bonn now wants from the
laender agreement to cover one
half of ihe DM l.lbn wiih
counter guarantees — bur prob-
lems have arisen in finding a
formula for sharing out ihe
burden in a way acceptable to
all.

By Leslie Colitt. recently in

Warsaw

POLAND'S exports nf coal
U»js year, the country's main
hard currency earner, have
a l read v exceeded all last
year’s "shipments, hut Potenci
"is encountering stiff competi-
tion front the U.S. and other
coat exporters in its tradi-
tional YVeslernin arkets.

Dauhl> arc also being ex-
pressed whether it should rely
so heavily on coal and other
raw materials to earn con-
vertible currencies with which
lo pay off ihe country's S2obn
debt.

Poland exported lO.Im
tons of Coal until August 10.
of which 7.1m went to other
Coni econ countries and S»ni to
Hie West. Coal shipments last
Year slid to only 15m tons,
compared with a record 41m
tons in 1979.

Mr Jerzy .Ualara. I hr depu ty
minister of coal-mining, said
ibis v ear’s target is lo export
28m "to 3dm tons of which 12m
will go to Coniecon and ISni
iu Western Europe.

Mr Malar a said achieving
this goal in the West will be
difficult as Poland had "lust
many markets '* to ether coal
exporting countries and must
*■ regain the confidence we
lost.*'

The Polish official saio V.b.
coal exporters had moved into
France*. Austria and Scandi-
navia. where British coal was
also being sold, after Poland
was unable to fulfill its con-
tracts. He said even South
African coal had __ been
delivered to Western Europe.

Mr M alary noted that Wes-
tern markets are glutted with
coal, while the depressed steel
industry makes coking coal
equally' hard lu sell. Rut he
said the price for_l'olIsh coal

an average of Si>5 to SG8 per

ion — is the same as last year
and that no dumping is taking
place. Western commercial
sources said the price oF
Polish export coal was lowered
to meet the changed situation
of Western markets.

The deputy mining minister
maintained ‘ that over the
longer icrm the outlook for
Polish coal exports is good.
Polish coal is low in sulphur
and Poland could land coal
cheaper in Western Europe
than the Americans, because
of its lower transportation
costs.

He said Austria, with whom
Poland has a long-term agree-
ment lo supply coal, has
abandoned its nuclear energy
plans and has turned to con-
ventional coal generated
energy.

However within Poland,
there is now a growing debate
whether the country should
continue to rely so heavily uu
exports of coal, copper, sul-
phur and silver. Polish eco-
nomists point out that the
cost of extracting coal and
other raw materials has
greatly increased in the past
two years.

Party admits shortages and dissent in nationwide telex. Christopher Bobinsld reports

Poland steels itself for anniversary protests

• j O'
'

-mi .

■■ fl» ,T * —

■:m ■

GENERAL Wojeieeh .faruzefsfci's
problems controlling Poland’s
working class would be greatly
cased if people's everyday need’s
could be satisfied and shortages
could be reduced.

This is the official Communist
Party view, circulated Iasi week
as the mill tan-' Government
sreoled itself for today's second
anniversary of the Gdansk
Agreements which led in the
formation of the Solidarity
union movement.

It was the over-riding mc.ss.ise
contained in an official tele::
sen i a round the country from
a provincial party headquarters,
which also admit ted widespread
activity by Solidarity supporters.

over the last two years, rank-
and-file Party members have
been demanding more informa-
tion of what is going on and
reports like this are sent out by
ihe Central Committee every
day.

In ibis particular case. Party
members were informed last
Thursday ihat "even though
appeals for people to take part
in hostile demonstrations are
meeting with scant success, they
do. however, give rise lo an
atmosphere of anxiety and fear
as to the way things might
develop and more often Than

IN AN apparent attempt to
avoid provoking Poles on Lhc
eve of demonstrations called
today by Solidarity, the Polish
authorities changed direction
in their propaganda campaign
yesterday, trusting (hat earlier
efforts at scaring people into
not attending had been effec-
tive, Christopher Bob Inski
' reports from Warsaw.

Police patrols were notice-
ably thinner on the ground, in
Warsaw ac least, and commen-
taries In the Press repre-

sented the accords with
workers signed two years ago
in Gdansk as a positive
development which had gone
wrong thanks to the efforts of
"enemies of socialism." Bat
these agreements could still
be the basis of future. ill-
defined, democratising re-
forms, the commentaries said.

However, in a speech at the
weekend to graduates from the
military academy in' Poznan;.
General Wojcierb Jaruzclsfd

narrowed down the freedom

of manoeuvre of anyfujture
unions by saying, that they
would be “ independent of the
administration,” meaning the :
government, and thus'-, by'
implication not' of- the Com-
munist party. Be 'called' for
calm- and implied , that the
authorities would crush any
demonstrations . '■

. Meanwhile na. Sunday,
church congregations heard a

. bishops’ letter . which called
for a resmnpiionoltaiiawith -

-Solidarity

refuse to go but on to the road
on August -31. ' using .the -poor
state of' their tyres as an
escusfc' '

‘ The telex notes that indeed
3,000 . tyres used on Warsaw
buses are exceedingly- worn. .

In Olsztyh. leaflets calling .on
- workers .from the Stomil works
to- march .to the f ormer - union
headquarters , have , been dlstrjr
' bated; The. teles. says marches
-are. also being- organised, .in
Badonil . “ . - '•

not they heighten tension.

'■ There are still cases in many
provinces of hostile propaganda
activity in the form of slogans
(on the walls) leaflets and
bulletins. Many of them contain
calls for people to demonstrate
on August 31 by going on
marches, assembling or going to
Church services." the telex says.

More concretely, a growth ui
tension among workers is
reported in the province of
Poznan, Tamobrzeg in the
south east and Zieloua Gora in
the west. This is put down to
people reading leaflets, and
listening to Radio Free Europe,
the Munich-based U.S. funded

radio station and passing the
information among themselves."

Inlrigingly. the situation in
Lublin Province is described as
" calm " although the telex
sal’s this is " probably being
simulated."

It is also laconic about
Wroclaw, where fighting has
broken out in past months, and
say no more than that the situa-
tion there “is difficult in a num-
ber of factories in the town and
surrounding area.”

In Poznan, however, where
the document says Solidarity
Radio went on the air for ten
minutes last Tuesday, calling
for : demonstrations today

•* there are no indications that
there will be strikes and demon-
strations in the factories;'?

The authorities are expecting
trouble, however, even. In small
towns.- As the telex says,
leaflets have been distributed in
Szczytno (23,000 inhabitants},
calling for a mass meeting in
the local square. '

In Krakow, the telex- says
Solidarity supporters put; up .a.
memorial plaque commemorat-
ing the Gdansk agreements in
the town square. " It was -taken
down an hour later without any
incident" .

In Warsaw, Party : activists
were expecting bos- drivers, to

. But throughout the country,
the telex says “the. basic topic
of conversation is the unsatis-
fkctorv state of supplies of food
and durable goods in the shops
and the rise in the cost of
living,"

' In Tarnotirzeg “ the queues
for meat ffegln to form -at. 3 am
and 4 am in the morning. There
are- also -queues for children's
footwear.'*-

Speculation, the telex says, is
: uniformly ' unpopular.'

At the Gdansk Lenin Ship-
yard the two themes in the
document of - . agitation by
“hostile elements” and day-to-
day economic problems come
together.

Air of impermanent peace hangs
over vulnerable Bekaa Valley

BY PATRICK COCKBURN IN JERUSALEM

Falling orders
hit U.S.
machine tools

Reagan faces new budget
showdown with Congress

BY REGINALD DALE, U.S. EDITOR. IN WASHINGTON

Prci’.dent Ronald Reagan fates
a loush new budget showdown
with Congress, mtly 10 days
after he rallied an unusual
coalition of mainstream Repub-
licans and Democrats to pass his
«S»8.3bn rax bill.

By vetoing a “ hudget-
busiiog " Si" 4.1 bn Supple-
mentary Appropriations Bill at
■he weekend. Mr Reagan has
ensured that he will avinin have
fu come from behind lu amass
The votes necessary to sustain
me veto. It tan he overturned
by two-thirds majorities in hutii
House and Senate.

With Democratic leaders
accusing Mr Reaaan of making
war on Congress through lus
veto power, ihe rax Bill
..-lalition has vanished almost as
quickly os it came together.
Mr Reagan dearly hope> that
i«? vili reassure ihe Right-wing
republican.'. who rebelled
against ihe Bill, by raking
i tough anti-spending line —
which he alsu believes to be
aoliucally popular ui an dev-
il on year.

Mr Reagan said in a naliori-
.vi de radio broadcast at the
weekend that the Bill contained
ilmosi Slbn too much in funds

to aid low-income students, the
poor and the elderly, while his
request f«»r defence funds had
been cut bv uver S2bn.

Another viemu of ;hc veto
was the 8353m required to
launch Mr Reagan’s cheri»hed
Caribbean Basin initiative',
which was attached to ihe Bill.
Mr Reagan appealed io Con-
gress to restore ihe funds m
a revised Bill, bur (here will
be considerable reluctance to
do so on Capitol Ilill at a lime
of severe cutbacks in domestic
programmes.

The White House said Mr
Reagan expected Cong rev. to
" act expeditiously " to approve
a new Bill when it returns front
the Labour Day recess next
Wednesday, Officials were rea-
sonably confident ihat they
could sustain the vein in the
Hotly*.

Mr Reagan believed lhat Con-
gress would have to move
quicklv to meet a September 15
deadline, when another inst-jl-
mt-nr of military pay is due. It
was only by an unprecedented
oncc-only piece of accounting
juggling" that the Administra-
tion managed to find funds for
forces' pay due on August 31.

By Paul Taylor In New York
U.S. MACHINE tool orders, a
key indicator of the health
of "the economy, fell a further
14- per cent Iasi month mainly
because of a dramatic collapse
in overseas orders.

The latest figures from the
National Machine Tool
Builders Association show
lhat orders from U.S. and
overseas companies fell to
5107.75m last month from
$L25.9m in July and SL93m in
the same month last year.

Despite a 6 per cent increase
in U.S. company orders which
grew from SS4.4ui in June to
S£9.2ra in July, orders from
worsens companies slumped.
Foreign orders fell from
Ml.am in June to SIS.Gm in
July.

The latest figures mean that
total orders in the first seven
months of the year at 3997.2m
have fallen about 50 per cent
cumparcd with the same
period last year.

Mr James Gray, the associa-
tion's president, said the July
decline had been expected in
view or Lhe continuing reces-
sion and added that economic
conditions were " not con-
ducive to a return of con-
fidence or buying enthusiasm."

• Officials of the United
Steelworkers Union have
agreed to consider proposals
by lhe major U.S. aluminium
companies to alter the current
three-year contract, which is
not due to expire until next
May. But the industry's
request lor talks has been
rejected by the olher union
involved. ' Ihe Aluminum.
Brick and Clay Workers Inter-
national.

The three main companies
— Aluminum Company ©r
America. Reynolds Metals and
Kaiser Aluminum — will be
pulling their proposals io the
Steelworkers Union this week,
fin Friday, leaders of the
aluminium locals will vole «n
whether lo make concessions
lu ease Hit* industry's current
problems.

THE Bl'RNT-OUT remains of
two Syrian armoured personnel
carriers mark the Israeli army's
Forward line in the Bekaa
Valley in eastern Lebanon.
Aside from them, there is Jitile
else io mark where the two
armies are waiting to see if
Mr Menahem Begin, the Israeli
Prime Minister, will try lo evict
by forte the 30.000 Syrian troops
from ;he third of Lebanon they
still hold.

In the first week of ihe war,
the hnielis burst into the south
of tiie Bekaa. ihe northern
extension of the great rift
valley which runs down to the
Red Sea. After savage fighting
around Lake Qaraoun at the
southern tip of the Bekaa in
June. They forced back lhe
Syrian armoured brigades to a
position some 20 km sou tit of
the Beirut-Damascus highway.
Empty Syrian bunkers, dug into
tile mountainside, still gape
beside the road. , .

There has been no serious
fighting in the Bekaa since that
rime. A little north of the village
of Joub Jannine. the Israelis
hold a half-completed hospital,
built on a low hill in the centre
of rhe plain. Bulldozers are at
work heaping up the ramparts.

while a few Israeli Merkava
tanks squat behind the hill. A
mile or so away, across an open
field, where a large herd of
black goats graze, the Syrians
hold the village of Ghazze. from
which rises the white spire of a
minaret undamaged by periodic
bombardment.

While the ceasefire holds, ihe
Israeli lines have a lackadaisical
air. Joub Jannine is decorated
with Lebanese flags, and posters
of the youthful features of Mr
Bachir Gemayel. the newly-
elected Lebanese President,
though nobody has yet to
remove the more flyblown
pictures of Ayatollah Khomeini.
Israeli soldiers hitch-hike back-
wards and forwards from their
units, their freedom of move-
ment indicating that guerrilla
activity against them is con-
sidered negligible. Yesterday,
however, an Israeli soldier was
injured by a landmine a mile
to the east of Joub Jannine.

The Israeli Government has
said that the Syrians are re-
inforcing their positions. Front
line troops say they have seen
nothing of this, though Gen
Mustapha Tiass, the Syrian
Defence Minister, confirms that

he is despatehmg reinforce-
ments to Lebanon. It is doubt-
ful. however, if more Syrian
tanks and infantry will make
much difference to the military
position in the valley. For the
Syrian armoured brigades, it is
a death trap. The Bekaa is more
like a vast canyon than a valley,
seven or eight kilometres of
flat land and then the moun-
tains soarhg up to over 6,000
feet, to the west.

The Syrian positions are aU
overlooked by Israeli observa-
tion posts on .Tabal al Barouk
on the western side of the
valley. From a half-completed
ski resort on the mountain top,.
Israeli soldiers can see the
whole valley laid out at their
feet, like n big-scale map. Even
the Syrian hill positions on the
opposite side of the Bekka pro-
tecting Damascus are over-
looked.

In additon. Israel has total
air superiority.

After crossing the Bekka
valley, the Beirut-Damascus road
enters a narrom defile on its
way' to the Syrian capital. This
will be immediately dosed by-
Israeli shelling or bombing in
the event of a renewed war.
The Syrians would have to re-

Bachir Gemayel . .. - posters
in place but Khomeini yet to
be removed. '

treat . north .. up the Bekaa
Valley, along the narrow road
past the temples of Baalbek, or
into the steep bills covering
Damascus. - Heavy casualties
would be inevitable. -
For . the moment there is a
phony-war, atmosphere. The
people of the Bekaa* \ mainly
fanners, pass along ’ the road
between the two rides. But the
armies are very close, and their
positions very vulnerable to
artillery and air attack. - The
present peace has an air of im-
permanence, which- nobody ex-
pects to last for very long.

Australian public servants
charged over fraud case

BY MICHAEL THOMPSON-NOEL IN SYDNEY
A SENIOR public servant was O’Sullivan deliberately stalled
suspended m Penh yesterday investigations of tax avoidance,
and charged as the officer and alleged that Mr Bercove rad

responsible for the alleged
involvement of the Artorney-
General's department in the
spread of tax fraud.

a call girl racket from the
Crown Solicitor’s office in Perth.

The opposition Australian
Labour Party lALP) criticised

Mr Peier Massie. the Perth yesterday's action as inadequate,
deputy Crown Solicitor, together it said Mr Massie was "compara-
with Mr Sean O'Sullivan, his live small fry." and demanded
principal le?3l officer, and Mr disciplinary proceedings higher
Abraham Bercove, were up the hierarchy,
suspended and charged. The ^ Labour Parly believes,

c/virges will be neard by ihe tax avoidance and evasion in
vh:.-. officer of the attorney- Australia is costing up to A$7bn
general s department in Can- a y ear t£3.9bn). Last week's

report found that the country
rr.e:r suspensions are the had 3U ff ere d a major fraud
fir-t actions b >' the on revenU e ” between 1973

Govcrnmea: following Iasi and 1930 _

v*el: s repon by a Royal Lorn- „ , . ,

mis- ion mouiring into ihe The scandal has gravely

affairs of ' the Australian embarrassed the government of
Federated Ship and Painters -Malcolm Fraser. Prime Minister.

and Dockers Union.

and neutralised anv chance of

In addition to cataloguing his calling a snap general elec-

union's hisTorv af murder, tion to capitalise on the

ruyuem and raiiimings. the electioneering aspects of his
rip'ori uncovered a decade of August 17 budget.

bureaucratic bungling which The cabinet meets in Adelaide

had led to the proliferation of this morning to discuss retro-
u.x-avoidonce schemes through- spective legislation which it

out Australia.

hopes will recoup lost taxes.

financial times oubnsnjd jiti*

s^ccni Su»d;'»a ir-rt fiolidc-5. U 3.
rates S3r<3 00 per

Second Class 30 }W;c pei^ .11 N*.v
YorL N Y.. and ji additional rr.ai im:;
coRitgs.

Much of ihe blame baa fallen However, the federal executive
v.n the Crown Solicitors office of the Liberal Party indicated
and cn rhe Attorney-General's late last week that it objected
depenmen:. The Royal Com- in principle to retrospective
m:.«ion claimed lhat Mr laws.

Mexico promises oil as
security for BIS credit

BY PETER MONTAGNON IN LONDON AND WILLIAM lCHISLETT
IN MEXICO CITY • .

MEXICO has pledged some: of
its 72bn barrels of oil and gas
reserves as well as Its holdings
of International Monetary: Fund
Special Drawing Rights (SDRs)
as security for the 31-S5bn
emergency credit it is receiving
from the central banks of lead-
ing industrial, nations. -

Details of the pledges were
not disclosed, but it • Is under-
stood that legal wrangling: over
the use of oil as a security for
the credit was the main reason
behind the delay in finalising
the operation, which was only
completed on Sunday.

Bankers said yesterday they
hoped the finalisation of -the
three month credit, which can
be extended for up to a year,
will go some way 'towards
alleviating Mexico’s acute short-
age of foreign currency. In
recent days it has been virtually
impossible for the private sector
to obtain dollars in Mexico, even
at the preferential rate of 49.50
pesos.

Meanwhile, the advisory com-
mittee of commercial banks
spear-heading debt rescheduling
talks with Mexico, reported to
other bank creditors that
Mexico's request for a three-
month moratorium on principal

repayments, ambuhtin^ to some
.SlObn,; had met . with" a gootf
response from the banking com-
munity generally.

But in a telex to other hanks,
- the committee, whose nUmher
has grown', to 14:' through' the.
inclusion of Swiss.- Batik - Corp
and Deutsche Bank; urged-banks
that have , not replied formally
to _ the Me ri can _Ieq uesf _ to. ? do
so quickly. j- / tV -;

The U.S. Federal. Reserve ; is
providing half the W.83bn credit
from central bimks with ..the
. remainder beijig made.-avaH&ble
by the Bank for International
Settlements with the giiariairtee.
of other* leading - 'industrial
countries. - ••

Main- participants -art- the
Bank, of Spain 'with $175m,lWest
Germany,.. Canada and!- Japan
with S 150m apiece and the: UK
with S140m.'. The remainder, is
guaranteed by the central hanks
of Switzerland, France, .the
Netherlands, Sweden,. -Belgium
and Italy. : • ■ . •

The credit can be drawn in
three .-instalments in line with
Mexico's progress towards ah
agreement with the IMF allow-
ing it to draw some $4.5bn over,
the next three, years. -- It is
intended as bridging firfance
until this IMF credit becomes

Iraqis bomb
Iranian oil

terminal

By .Oar Foreign Staff '

IRAQI. AIRCRAFT bombed
Iran's-gulf oil terminal <m Kharg
Island, yesterday, setting it
ablaze : and - infli cting, heavy
damage on oil installations, an
Iraqi military spokesman said
in Baghdad.- -
• The .spokesman said the
operation "was in retaliation for
Iran's shelling of Iraqi cities.

Iran's on exports have been
more than halved following
Iraq's earlier attacks on Kharg
Island and - its warnings to
tankers ‘to - keep clear of the
area, the’ Middle- East -Economic
Survey (MEES) reported bn
Sunday. t

The : well-informed weekly,
based In. -Nicosia, said- IraiCs
total exports had dropped '.to
about 800.000 barrels a -day,
compared with a peak of 2m b/d
in July.

' ' -Damage 7 to the Kharg facili-
ties might have been relatively
light, “ hpt the 7 .uncertainty
created.- by- the. raids, and Iraq's
repeated: .warnings had
frightened , off many - tankers
and caused-steep rises In freight
and. Insurance. . rates. MEES
said. .

. Total freight and insurance
costs for , Iranian crude could
work out> at - something like
$3.25 -to $3.65 a barrel,, com-
pared with about:; .80 cents a
barrel for other GuIF crudes. .

MEES said ;an -Iraqi rocket

attac3v On August IS put out of
action, a.. loading facility > fairly
close' to Kharg Island. \ ' ;

. ’This . was. capable .of ; aCcotn-
modating^-tankers ^f tip to
200,000 . tdnnes^-Thfl -attack
caused damage ~ which would
take . two ■ br -. three weeks to
repair/ ; . l-v y . • ' /

Kim Fuad a flflp -eriym-^ C a r acas :
Mexican' oil *, exports will not
exceed . an- : average 1.4m b/d
this year,' Mexican officials have
told r the / yenertielan Govern-
ment.. . "i !■' V : j. “•

...These' assurances were made
to Sr Hucaberfcr.Calderpn Berti,
.the' Verijeraelaii Energy Minister,
by . his Mexfcan colleague, Sr
■Jose Oteha.-.' .-71. • ■ - •

Portugal ipy bpen

currency market .

PORTUGAL’S 'first foreign ex-
change ■ market - will open in
October according to Sr. Walter
Matties the -Secretary of State
for the -Treasury, writes I\ana
.S mith- ,' . y .•

The market, supervised by
the -Bank or Portugal, will be
.developed, in four stages over
the next three years:— the-period
when Portugal will be making
intensive, preparations for EEC
accession, and when its heavily-
controlled monetary and - cur-
rency system will have to beb
liberalised,

.. The new market will be for
internal oea only until June
1983. • '

Spanish poll date aims to thwart Opponents

BY ROBERT GRAHAM, IN MADRID

THE SPANISH Parliament
formally dissolved yester-
day ;c the first stage in pre-
parations for early general
elections on October 2S. The
dissolution of the second demo-
crsitcalfy elected parliament
?inev :he death of Gen. Granco
in 1975 was announced on
Friday by [he Sr Leopoldo
Cal vo Soiek, the Prime
MinL-ier.

Atti'.oush the move had been
widely expected, many deputies
of all nartie'e behoved that the
uofi-SMT Pcrhamect would re«
convene, albeit briefly, after fhe
purr.mer recess to tie up out-
standing business. The principal
buxine?? excluded are the
statutes for ihe autonomy of
four regions — the Balearic
Islands. Castilla-Lcon. Extre-
madura ^nd Madrid.

The big ue>! polemic provoked
by Sr Cal vo Sotelo's decision
surround* ihe projected visit
of the Pope, due lo lake place
from October 14-2L' in the

middle of the election cam-
paign.

If the visit proceeds it will
inevitably become more lhan a
pastoral occasion. The Pope's
known conservative views on
the family, abortion and educa-
tion risk stirring up a debate
which has never been seriously
touched upon since the estab-
lishment of democracy — the
relationship between Church
and State. For instance, one of
the laws which was dropped
from parliamentary legislation
becau?e the rulin? Union de
Centro DemocraUco (UCD)
could not agree among them-
selves concerned university
autonomy. This law, which must
he tackled, touches on the
highly sensitive issue of Stale
support for private- and Church-
controlled higher education. '

The Communist Party, the
Socialist Party and the recently
formed Democratic Centre
Party (CDS) of Sr Adolfo
Suarez, the former Premier,

have ail criticised the election,
date because of its coior
ci deuce with the Pope's visit.
Whether or not the UCD hopes
to profit from the visit by
emphasising the dangers of a
Socialist victory -for the valaes
of Catholic Spain is open to
question.' But this is certainly
lhe critics' suspicion.

Sr Cairo Sotelo's main con-
sideration in opting for October
23, effectively the earliest date
possible under the constitution,
has been to prevent the groups
which have deserted the UCD
in recent months from consoli-
dating themselves as parties- In
fact, some see in the move an
element of personal vendetta
against Sr Suarez and his new
party which desperately needs
extra time to organise., This is.
the party likely to do most
damage to the UCD at the pofis.'

Sr Calvo Sotelo also faced
the purely practical considera-
tion lhat his parliamentary
majority was completely eroded.

To permit Ear&amenuo resume
business after 'the' summer'
recess would only have harmed
the UCD further.

According to the electoral
timetable, parties will have un-
til September 14 to form
coalitions. • The easting law
favours coalitions^ and three of
the four . parties that have
formed from UCD desertions
wifi need to find partners! - The
UCD will probably accept an.
alliance with the newly fonned
Liberal Party , of Sr Antonio
Garrignes -Walker — the
Christian Democrat party of Sr
Oscar Alzaga (PDP) will prob-
ably ally with the. Right-wing"
Aliaaza Popular of former-
Franco Minister Sr Mamie!..
Frago. But Sr Suarez-, insists"
he will stand alone with his CDs
while . the. Socialists, tipped by.
the polls to Win, want to stand
alone,, reserving the option to.
make deals later.

The Socialists are expected to
place most emphasis on a change

of style, in Government, rather
than on radical reforms of the
'like "proposed by their opposite
numbers in Greece and France.
The language at their last Con-
gress was very moderate, and
tile major laws passed by the
last Parliament nearly air had
the^ implicit or open support of
the Socialists.

Utese included the law har-
monising regional autonomy,
still contested by. lhe. main
nationalist 'parties, and sus-
pended pending an appeal to
the. . Constitutional Court," the

reform * of military justice a

: P erni .ftting divorce, and

. anti-terrorist legislation permit-
ting controversial police deten-
tienpowers.

• The sole major disagreement
■ «ose oyer membership ofNa?o

tUf? P Gonzalez, the Socialist
■JSF ?^ d ? 14 clear over the

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UK Dear, oi Trade.

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•*nski r,,

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►rot^st Textile exporters face split

BY BWJ KHINDAfitA IN GENEVA

WORLD TRADE NEWS

, Martinair Guy de Jonquieres reports on leading, computer suppliers

THE EUROPEAN Economic
Community's tough attitude
towards developing countries’
textile suppliers could prevent
those countries from uniting
sufficiency to squeeze more con-
cessions from the EEC next
month.

The Third World’s main
exporters of textiles and cloth-
ing began week-long talks in
Geneva yesterday on the Multi-
fibre arrangement (MFA), con-
cluded last December.

Several delegates emphasised
the urgent need for developing
countries to reach a united front
before the final phase of
.bilateral negotiations with the
EEC starting next month to
reach separate agreements on
exports to the Community under
the MFA. the world textile

agreement.

But about 14 countries -have
already signed such bilateral
agreements, increasing the
'isolation of -the large exporters
—Hong Kong and South Korea.

Dissension . has appeared in
'the Third World partly because

of suspicions that the large
exporters might be using smaller
exporters, which have fewer
quarrels with the EEC. to strike
deals favourable to themselves
while neglecting the interests of
others.

It is thought Hong Kong,
South Korea and Singapore
have started to reduce the size
of their textiles and clothing
industries as they move to
sophisticated exports such as
electronic goods to fuel the next
step forward in. their indus-
trialisation.

In contrast, textiles and
clothing remain key growing
sectors in such countries as
India and Brazil which may
have preferred more flexible
positions in negotiations with
the Community, were it not for
the desire to maintain Third
World solidarity.

The main complaint by Hong
Kong and South Korea against
the EEC is that it is trying to
increase the size of quota
reductions. The main complaint
of other exporters is against the
Community’s “ anti-surge "

mechanism, which would pre-
vent large jumps in exports
from one year to the next They
also oppose the Community’s
insistence on • placing import
curbs without providing justifi-
cation beforehand. .

The Community has
threatened to pull out of the
MPA if Hong Kong and South
Korea do not accept large cut-
backs.

The Third World exporters
said yesterday they are deter-
mined to force next November's
ministerial coherence of pie
General-Agreement on Tariffs
and Trade CGatt) to move
against the MFA. They argue
that the MFA has already lasted
more than a decade, although it
was a temporary derogation
from Gan’s free trade rules. To
make matters worse, the Com-
m uni tv is departing even from
the MFA’s already restrictive
terms, they add.

Developing countries would
also like the ministers to pre-
vent MFA-style agreements from
spreading to other industrial
sectors such as steel.

Turkey moves on T-shirt war

--iClist);

Ionian,

utsu ina!

BY METIN MUNIR IN ANKARA

jfR SEKMET PASIN, the new
Turkish Minister of State for
external economic relations,
s&id he .was planning a visit to
Brussels at the end of Sep-
tember to resolve the “T-shirt
war" between Turkey and the
EEC.

Mr Paste said, in an interview,
that as associate member of the
community Turkey expected to
.be .treated “ better than other
’countries."

"It could not tolerate the ban
placed on the import of Turkish
T-shirts end similar knitted
ware by the EEC.”

He ban, which the Com-

Toshiba signs
E. German
technology deal

By Leslie Colitt in Berlin

TOSHIBA' has signed a contract
with East Germany's Industrie-
Anlagen-Lmport for the delivery
of equipment and technology
worth DM 82m (£19.1ra) for an
East German plant which is to
produce hirfi equipment
The Japanese Export Import
Bank proWded a loan of the
same amount to the East
German Foreign Trade Bank
which the East German news
agency said was provided on
“advantageous conditions."'

Toshiba will deliver machinery
and technology, produce radios
and cassette recorders and buy
back East German mechanical
and electrical engineering pro-
ducts to the same value

m unity said was imposed- to
curb the flood of T-shirts, was
Introduced at the end of last
month and will remain in. effect
until October 15. Turkish
exporters claim their losses
could be - as much as S3 00m
(£172m) and -the damage to the
clotMng industry, the country's
fastest growing, could be in-
calculable.

“ I believe we can reach some
sort of an agreement," said Mr
Pasm.- “-However, if the ban
continues we will have to
retaliate.” .

Earlier this month - the
Community lifted tariffs on
Turkish cotton yarn and Turkey

reciprocated on EEC steel
exports after agreement was
reached for Ankara to limit its
yarn exports t» the EEC to
75,000 tons per annum.

Mr Paste believed that ooe of
the causes of the problems be-
tween Turkey and the EEC lay
in the fact that since September
1980 Turkey has been under
military rule. In Brussels he
would explain that the- generals
intend to fulfil their promise to
restore parliamentary rule by
1984.

“My purpose is to elevate
Turkish-EEC relations to the
optimum in this transition
period," said Mr Paste.

World- Economic Indicators

TRADE STATISTICS

UK £bn

Exports

Imports

Balance

U.S. Sbn Exports

Imports
Balance

Japan Yen bo Exports

Imports
Balance

W. Germany DMbn Exports
Imports

Japan Yen bn

France FFr bn

Italy Lire bn
Belgium BFr bn

Balance

Exports

Imports

Balance

Exports

Imports

Balance

Exports

Imports

Balance

July *82

June *82

May "32

'July '81

4.546

4.475

4-625

n/a

4.380

4-432

4.740

4307

0.166

-0.007

-0.115

—

June *82

May ’82

April ’82

June *81

18.822

18318

17343

19.750

213-10

20358

17387

22305

—2.488

-2340

+0.456

-2355

2,785

2.752

3303

2387

2300

2337

2.786

2383

+285

+216

+217

+204

36.194

31580

36300

32362

31.426

30380.

33460 .

30*89

4.768

5.000

3440

T.673

55.40

5135

5338

5134

67.18

54-77

61 33

5332

-11.78

-2-92

-334

-138

May '82

April *82

March *82

May '81

8,039

8.847

8.933

6,192

9,950

10.163

10.040

9364

-1,911

-1,316

-1,107

-2372

186.05

202-54

213.76

161.19

20232

228.44

25435

176.27

-16.78

-25.91

-3638

-1539

lYimuuau - *

AiteTaii Data processing revenues fall by 2 ^

Source.- OECD

Airbus plan

Martinair, the Dutch charter
airline company, said it has
postponed , for two years the
purchase of a third Airbus
A-310 from Airbus Industrie
In • France, previously
scheduled for 1985, AP-DJ
reports from Amsterdam.

The postponement has been
made in the light of persist-
ing "stagnation in the world
airline industry, the company
said.

Delivery of the first two air-
buses will £0 ahead on
schedule during 1984 said
Martinair. . .

The company added }t has
ordered a second U.S. DC-9
type 82 aircraft from SfeDon-
nefl-Doaglas for delivery in
April 1983.

P an Am
shelves flights

- pap American World .Air-
ways will suspend flights to
Bangkok and Karachi on
October 31 as part of a world-
wide route reorganisation to
return the airline to profit-
ability. a Pan Am official said
yesterday, AP reports from
Bangkok.

The suspension was tem-
porary, he said, with Pan Am
officials hoping to resume
flights to Bangkok when the
1 airline returned to profit-
ability.

ICL wins
£2m order

About £2m-worth of British-
made computer equipment is
being bought by the Abu
-Dhabi national oil company
(ADNOC). one of the world’s
leading oil producers.

The ' order, signed with
London-based International
Computers Limited, includes
an ICL 2966 computer,
destined for the Abu Dhabi.
Marine Operating Company.

The first of its kind to be
installed in the Golf, the 2966
is due to be operational by
the end of the year.

Romania BAC
aircraft unveiled

THE FIRST BAC 1-11 air-
liner assembled in Romania
under licence from the British
Aerospace Corporation (BAC)
was unveiled . on Friday,
Reuter reports from Vienna.

A contract for assembling
22 of the planes with British-
supplied parts was signed in
1979.

After production ends.
Romania will make the air-
craft on its own with engines
supplied by the Rolls-Royce
company

THE NORMALLY buoyant
Western European computer
market lias sagged recently due
to die recession, according to
the results of a survey carried
out by Logics, a London com-
puter consultancy, and pub-
lished by the U.S. magazine

Datamation.

The survey finds* that the
overall data processing revenues
of the 25 largest computer
suppliers fell by 2 per cent to
$23 bn (£13J2bn) fast year after
growing by almost 20 per cent
in 1980.

Eleven of the .companies
suffered a fall in European
revenues, * measured in debars,
ag ains t only one (Memorex of
the U.S.) in 1980. They included
International Business Mach-
ines, whose revenues of 98.8bn
accounted for more than a third
of the total.

But the gloominess of the
picture is exaggerated by use
of the dollar as a yardstick,
since it was rising against many
European currencies last year.
The performance of most Euro-
pean companies appears better
when measured in their national
currencies.

Moreover, though the market
for large computers stagnated
last year, several other types
of product were in strong
demand. The fastest -growing
markets were for computer
graphics, office automation
equipment and mini computers.

Measured in dollars, seven of
the 10 fastest-growing computer
companies last year were
American. They were led by
International Telephone and
Telegraph, whose data process-
ing revenues rose by 47 per
cent. Digital Equipment (up 38
per cent) and Wang (up 34 per
cent). . ,

But measured m national
currencies in which individual
companies report, the order
changed considerably. Six Euro-
pean companies featured among

SHIPPING REPORT

EUROPE'S TOP COMPUTER EXPORTERS

1W

Rank Company

I IBM

■ 2 CH-Honeywell-Bull

3 Siemens

4 Digital Equipment

5 ICL

6 Olivetti

7 Sperry Univacf

8 Control Data

9 Phillipst
10 Burroughs

II NCR

12 Nixdorf

13 Hewlett-Packard

14 C(T Alcatel

15 Honeywell Jnfor. Systems

16 Thomson-CSF

17 ITT

19 Rank Xeroxf

19 Ferranti

20 Kienzlc

21 Datasaab

22 Plesseyt

23 Wang

24 Data General

25 Memorext

Parent

Company

HQ

US.

France

W. Germany
US.

UK.

Italy

US.

US.

Netherlands

US.

US.

W. Germany
US.

France

US.

France

US.

US.

UK

W. Germany

Sweden

UK

US.

US.

US.

European
Dp rev
Cal Yr
1981
(inSm)

8 346

UH

1,296

1,162

1,067

1,006

850

765

750

742

728

678

604

556

497

460

233

219

213

207

203

203

201

17T

158

% change
European
DP rev
FY '80-81
OnS)

- 6
- 9
-IS
-1-38
-11
-1-15
+13
+0.1

% change .
European Dp
Rev FY *80-81
(in accounting
currencies)

- &

+17
+4
+38
- 5
+52
+13
+0.1

n/a Not applicable. * Not available, t Estimates.
Source: Daumtiion/Lagica

the top 10. headed by Olivetti,
with a 52 per cent revenue
growth.

No Japanese company quali-
fies for inclusion among the
top 25 largest computer com-
panies operating in Western
Europe. At present Japanese
companies selling large com-
puters in Europe, notably
Fujitsu and Hitachi, rely on dis-
tribution agreements with com-
panies including ICL, Siemens.
Olivetti and BASF.

A new entrant to the top 25
is Philips of the Netherlands,
for which revenue figures were
not available for last year's
survey. It occupies ninth place.

according to Datamation.
“ revealing itself to be a much
more powerful force in the
European data processing world
than a lot of people expected.

Datamation suggests that un-
certainties arising from the
Mitterrand Government's doms-
ion to nationalise France's major
computer companies has caused
serious damage to their
business, which will lake some
time to repair.

“Management has had little
incentive to draw up strategy
plans, and foreign customers
have hesitated before buying
their goods. U.S. and Japanese
competitors did not miss this

chance to make marketing in-
roads. The French concerns, as
a result, will have considerable
ground to make up."

The Datamation. / Logica
annual survey was launched
last year. The latest survey is
based on reported and estimated
results of major companies m
17 Western European countries
for calendar year 1981.

The survey included revenues
from mainframe computers,
mini - computers. micro-
computers, terminals and peri-
pherals. software. services,
word processing equipment and
data communications equip-
ment.

Kharg Island bombing hits tanker market

BY HAZEL DUFFY

THE BOMBING raid by Iraqi
forces on the Kharg Island ter-
minal produced a flurry of
activity in the tanker market
last week. Brokers reported a
fixin g- of Worldscale 70 on a
VLCC from Kharg Island to the
West.

But the big increase In cargo
war risk rates at the end of
last week was expected to act
as a deterrent to owners lifting
cheaper Iranian crude.

E. A. Gibson reported that
a more accurate picture of the
tanker market was to be
obtained from the fact that

Gulf chartered a 220.000-tonner
loading at Kuwait for World-
scale 19.75. The broker
anticipates, however, that rates
will tend to harden as the
availability of large ships in
the area continues to he de-
pleted, assuming the increase
in the rate of enquiries on
behalf of charterers lifting out
of non-Iranian ports increases,
as expected.

Another broker, Galbraith
Wrightson, reports rates mov-
ing up slightly on the UK
Continent area, and. believes
the prospects are about right
for the UK and European to

U.S. cargo business to advance
further this week. No great
improvement in demand is re-
ported from the Indonesian ana
West African markets, with a
130,000-tonner being fixed out
of Indonesia to the Bahamas
at Worldscale 30.

Dry cargo fixtures In the past
week are reported to have been
at “depressing” rates, although
one broker says there is just a
him that the Gulf /Continent
rate, for instance, may have
bottomed out as several promin-
ent grain charterers are in the
market for consecu lives Gulf/
Continent.

H. P. Drewry says in its
latest edition of Shipping
Statistics and Economics that
there is now a strong suggestion
that dry cargo rates have fallen
to a level where the decline
must bottom out.

This is because they seem to
have reached the point where
owners would have to consider
the laying up of tonnage as a
less costly alternative to trading.
It is thought charterers are
unlikely to be able to force
rales much lower without
significant losses to the active
fleet.

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Financial Times Tuesday August 31\1982 :

UK NEWS

BL and Yauxhall-Opel
to cut discount to dealers

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

BL AND Vauxball-Opel, the
General Motors subsidiary, are
to follow Ford’s example by
cutting the discount they give
their dealers on new cars.

Ford cut its main dealer
margins from 18.5 per cent to
17 -per cent in April as part of
its heavily promoted ‘'product
and. price re-alignment pro-
gramme."

Neither of its main UK-based
competitors followed, but BL
warned at a dealer conference
in May that it might he forced
to.

Austin-Rover, BL’s volume
car offshoot, and Vauxhall-.
Opel will -make (product changes
next month and will take the
chance to reduce dealer mar-
gins on some models.

The reductions are likely to
be spread throughout the
Austin-Rover and VauxhaH-
Opei ranges early next year.

The UK-based manufacturers
are attempting to bring nominal

car prices in Britain closer to
those listed on the Continent

They have held their prices
steady for much longer than
would be expected with inflation
at about 7 per cent annually.

They have begun to squeeze
their component suppliers, urg-
ing them to cut costs and reduce
prices. And dealers are being
told they must bear part of the
load.

In the past manufacturers
have restricted cuts in dealer
margins to h>w-cost models.
Austin-Rover gives only 14 per
cent on the most inexpensive
Metro, 17$ on the top-priced
ones, and 18.4 per cent on other
Austin-Rover cars.

Once Ford led the way with
a cro ss4ti e-board cuts in its
margins the other manufac-
turers were bound to follow,
given Ford’s influence on the
UK market with Its 30 per cent-
plus share.

Dealers wdl‘1 have difficulty
putting up objections. In the
current scramble for sales they
have been giving discounts — ■
often substantial — to any new-
car customer who cares to ask.

A spokesman for the Motor
Agents Association said at the
weekend: “Naturally we are
concerned about any erosion of
the dealers' margins. But I
fear that, because of the tough
market, die dealers have been
giving a lot away already".

' The manufacturers’ attempts
to bring nominal car prices in
Britain more into line with those
on the Continent are designed
not only to discourage unofficial
imports of cars. There is a
chance that earty next year the
European Commission could

introduce regulations that tax-
free prices for any particular
car should not vary by more
than 12 per cent between one
EEC country and another.

South-East ‘optimistic’

BY DAVID CHURCHIU

AN OPTIMISTIC survey of
business prospects in London
and the South-East is published
today by the London Chamber
of Commerce and Industry.

The Chamber’s 22nd survey
of manufacturing industry in
the region suggests some
“ guarded optimism ” about
economic recovery, especially
among small and medium-sized
companies.

About 40 per cent of the 367
companies questioned reported
increased orders. Only 22 per
cent indicated a fall

Sectors such as electrical
engineering, chemicals and
metals, instrument engineering,
and rubber and plastics all
showed increases in domestic

demand of 40 to 55 per cent

Production rose in 29 per
cent of the companies surveyed
but fell in 14 per cent

The survey shows a slight fall
in future confidence. About
38 per cent of the companies
surveyed said they were more
optimistic about the next few
months, just under 25 per cent
said they were less optimistic.
In May about 43 per cent were
optimistic, and 17 -8 P er cent
pessimistic.

The chamber says the figures
overall suggest that the per-
formance of manufacturing
companies in the region has
been relatively stable and
therefore modestly encouraging.

Esbjerg ferry
service to start

By Hazel Duffy,

Transport Correspondent

A TWICE-WEEKLY roll-on.
roll-off service from Great
Yarmouth to Esbjerg in Den-
mark will start in October,
offering a 60 trailer vessel.

Port! ink Ferries, based in
Yarmouth, has been-formed to
run the new service by a con-
sortium from the UK. Holland,
and Denmark. It will offer a
quay-to-quay service but will
not become involved more ex-
tensively in freight movement.
The major roll-on, roll-off
ferry operator between the
UK and Denmark is DFDS,
which operates out of Har-
wich.

Where container traffic has led to

THE PORT of Felixstowe is
dominated by steel boxes. Some
are grey like those af Sea-Land,
the big TJ.S. shipping company.
Others are red, blue, orange,
white, or take their colour from
the name of the expansion-
minded Taiwanese line. Ever-
green, whose containers are
piled high on the quayside.

For the Suffolk port, con-
tainers have brought sizable
growth and earnings since
Britain’s first container quay,
all 500 ft of it, was opened
there in the late 1960s, Profits
of the port, owned by European
Ferries— the Townsend Thore-
sen company — soared last year
from £l.lm before tax to £5.1m.

With its east coast location,
near to the CintinenL its peace-
ful labour relations in an
industry not renowned for
harmony, and its long experi-
ence in the container business,
Felixstowe has clear advantages
over some of its rivals.

Being in the private sector,
notes Mr Geoffrey Parker, the
port’s managing director, also
means it can be more flexible
than those owned by the state
or local authorities — 11 we can
probably react a little quicker."

This year. Felixstowe is
benefiting from the £32m expan-
sion which was completed last
summer and added two new
container terminals to the port
— Dooley, and Walton, the latter
operated by a subsidiary of the
C. Y. Tung Group of Hong
Kong. -

More money is being spent
on new handling equipment for
Felixstowe and on expanding
the storage area for containers.
A second FreightUner terminal
to handle containers by rail is
also being built for about £3.5m,
with a Government grant cover-
ing 40 per cent.

But the main expansion push
is over for the moment. The
port is now consolidating, says
Mr Parker. "We want to see
a steady return on the invest-
ment and then consider expan-
sion. We will expand if demand
Is there."

He believes that there is still
growth in containers. “True,
there are too many container

Andrew Fisher looks
at a port where
profits have soared
and £32m has been
spent on expansion

PORTS
IN BRITAIN

Felixstowe

berths, but not all in the right
place.” If the right opportunity
came up. the port could expand
into other activities. This would
only be into “ dean, tidy
cargoes’’ such as grain rather
than heavy engineering
products.

But it is containers that make
Felixstowe tick right now. Last
year, it handled nearly 350.000
of them — a rise of more than
40 per cent over 1980. Much
of the growth in traffic, and
thus profits, came from the new
terminals.

While Felixstowe was forging
ahead, one of its main competi-
tors. Southampton in the centre
of the south coast was afflicted
last year and for some of 1982
by costly labour disputes. These
have died down now. so
Southampton is likely to see its
container volume move up
sharply again.

A helping band might ironi-
cally. come from the C.Y. Tung
Group which also plans to invest
several million pounds in a
venture with Southampton to
re-equip two of its container
berths. Mr Parker reckons this
and the Tung investment in
Walton will be compatible — “I
don't think it will affect oper-
ations in Felixstowe.”

He says Felixstowe did not

Felixstowe— port of the £32m development

Roger Taylor

benefit particularly from the
labour upsets at Southampton,
though it may have received
some cargoes diverted - from
other vessels, "We were busy
anyhow.’*

This year, with the new
terminals going for a full year.
Felixstowe's profits are likely to
rise again. The port recently
received a fillip with the.
derision of Hellenic Lines of
Greece to operate entirely out
of the Suffolk port and drop ite
long-standing link with London.

Felixstowe’s nearness to the
Continent means it is ideally
sited for shipping companies
which want to run so-called
feeder services to and from,
continental ports like Rotter-
dam where their deep-sea opera-
tions may be based.

But. says Mr Parker, “we
are getting more and more into
the big league.” He estimates
that about 55 per cent of

Felixstowe’s trade comes from
routes to the Far. East, India,
the U.S. and Scandinavia. The
rest comes from feeder and hear
European traffic.

Apart from . Sea -Land and
Evergreen, its major users
include United States Lines,
OOCL (Orient Overseas Con-
tainer line) which Is part of
the Tung . empire. K Line of
Japan, Dart . Ccmtainerline
owned by Tung and CMB of
Belgium, Canadian Pacific which
has a trading link with part,,
and West Germany’s Hapag-
Lloyd.

With *e addition of the
Dooley and Walton terminals to
the older Landguaid terminal.
Felixstowe can now handle
ann ually 750,000 container units
or TEUs <20 fit equivalent
units), the industry’s standard
measurement. -

To more. -the containers in-
side the port Felixstowe uses

gantry-cranes on large rubber
tyre . wheels 'which lumber up
and -down the open blocks of
stacked -boxes lifting each- one
off its ptie and on to a waiting
lony...

-These . are - replacing the
straddle;' 'carriers,. --which look':
like big yeilow traveling bed-
steads and used -to -move mote ..
freely .abwt - .the port. area. -
Felixstowe . is spending about
£8m on : new container cranes
and land resurfacing for con-
tainer. storage^ as. well" as raiV-
mounted- : cranes for. the FYeight-
Baer terminal. -

. The port- also 1 ms ■* thriving-
passenger ■ business,' last year,
carrying 2.07m people on
senrices-to Belgium and Sweden
against 904,500 in 1980. Apart
from Townsend Thoresen t - wItii ■
services to ZeebiuEge. Tor Line- .
operates to GoChenburg. Holl-on/
roll-off freight is also important; .
traffic fell slightly in 1981 from
2.55m tonnes to 252ml .

- Although the . port suffered
from an overtime ban this year
during pay talks, which ended -
with -an st per cent increase and.
a' profit-sharing scheme, its in- -
ri us trial relations - . are fairly ;
harmonious. One reason, as. Mr—
Parker sees it, is that only one:
union, the Transport and^
General Workers. operates
there.

Felixstowe’s 1,000 dockers are .
cot' in tiie .national dock labour
scheme, which effectively
guarantees dockers jobs for life,
though thousands in other ports
have taken advantage of
generous redundancy terms. Mr .
Parker sees no reason why they .
should be in the scheme, though' )
some would 'like to. ** We have
an efficient working force.
There’s no reason why they
shouldn't be in jobs till they
are grey-haired old men.*’

1 ' .

EEC to resume debate on

regional aid distribution

BY ANTHONY MORETON, REGIONAL AFFAIRS HMTOR

BAYERISCHE
LANDESBANK
UPDATE

Balance Sheet Total advances DM 75 billion to
DM 90.8 billion • Loan Portfolio increases 9%
Overseas Commercial Business and For-
eign Exchange expand considerably
New Branch, opened in New York
• Bavemlux Balance Sheet
Total reaches Fjux.137
billion, an increase
of 16.2%

Csnhai QBcb: B/tenner Strasa 20, 8000 Munchen 2
■W-- 09) 2J71-0J. , H«c52862?ftC«We£: Bayvmbatik Munch
Branchas; London, T6L 726-6022; Siftfiapora. 1 &L: 222 S92S:

New terfc Tel.: 310-3800

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(Bayemlin} Lmcem bourn, Tel: 47 59 11-1

Wanna, ^6631 41;JohannefibWfl,1bU 8381B13

HIGHLIGHTS FROM THE BALANCE SHEET AS AT DECEMBER 31, 1981

•ASSETS On DM million) LIABILITIES

Cash 570.7 Due to banks

Bills 238.0 Other creditors

Due from banks 23,9175 Outstanding debeniures

Treasury bills antf other securities 4561.6
Due from customers 41,855.6

Loans on a trust basis at t hird- party risk
Provisions

Loans on a trust basis at third-parly risk 9,668.0 . Nominal capital

Trade Investment
land and buildings ,
Other assets

Assets of Lahdesbausparkasse'
■{Building and loan AssboiaSon) : ' '

TOTAL

429.2 -Declar ed reserves .

1 “463.7 ' Profit

.-1,491,6' ’ Other nabiTrties

; - 7842.8 . Liabilities of Landesbausparkasse
* Q ‘^ - (Building and Loan Association)

90,838.7 TOTAL

fin DM million)
25,4405
6,6565
36,1185
06600
4153
700.0
13860'
493
2321.7

7,5793
90,8387

Bayerische Landesbank

International Banking wfth Bavarian Drive and Friendliness

Girozentrale

THE Common Market regional
affairs directorate returns to
Brussels this week to pick up
the pieces of a proposal,
rejected in the summer, which
would have concentrated
regional aid in the less-
prosperous member countries.

The proposals were to
reallocate the quota section of.
the European Regional Develop-
ment Fund so that only the four
“poor” members— Italy, Ireland.
Greece and Britain— < would have
benefited. They failed largely
because of opposition by
France, supported by Belgium.

The Commission . proposed
that to maximise the benefit
from regional aid fewer areas
would be helped. In Britain
this meant Yorkshire and
Humberside and Devon and
Cornwall. both containing
assisted areas, would have been
excluded from _ European
regional aid.

The Commission’s directorate
dealing with regional affairs
meets again on September 9. It
is uiiikely that any new policy
will emerge for at least a year.

When it does the likelffiood is
that at least token quotas will
be available for eveiy country,
which will disappoint Britain
since the UK stood to gain
from the revised procedure.

The British Government was in
favour of the principle of more
concentrated assistance but, at
the same time, did not want
Yorkshire and Humberside or
Devon and Cornwall excluded.

The Commission’s failure to
push through its proposal will,
however, be welcomed in both
English regions. They lobbied
hard against the changes, point-
ing out not only the need to
Improve their infrastructure
but also to undertake projects
•which would create work within
their areas.

The weakness of - the Common
Market^proposals was that they
were based on unemployment
levels existing In 1977. |

Quota section aid should, the !
Commission suggested. ■ be :
reserved for those regions •
suffering from serious struc-
tural problems as defined by
gross domestic product per head
and the . rate of long-term
unemployment.

Since 1977 both regions have
suffered heavily and seen their
unemployment figures rise
sharply.

At the September 9 meeting
the Commission is likely to
reaffirm its intention to achieve
a substantial concentration of
regional aid in The less-
prosperous areas. *

Counting
the cost
of dyin

§

Receivers consider offers
for Carron Ironworks

FINANCIAL TINES REPORTER

RECEIVERS FOR Carton Iron-
works, Falkirk, Scotland, are ex-
aminining the responses to their
invitation for offers against a
deadline which expired at 5 pm
yesterday. Their reactions to
the offers could be made public
this week after they have
“ analysed the situation in great
detail."

The workers whose more than
600 jobs are threatened by
closure will have to wait several
days, therefore, before discover-
ing whether the 223-year-old
company will be pulled from
the brink.

Representatives from a French
company were shown around
the pSant yesterday, hours
before the deadline was due to
expire;

The Scottish Development
Agency, which has been holding
talks with a management con-
sortium. said: “ We have spoken
to a number of parties, some
as late as Friday, and these
include a number of companies
and a number of consortia-"

•A consortium of eight
managers at the plant had been
trying lo raise sufficient cash to
make an offer for part of the

works, which would be attrac-
tive to the receiver. It is
believed they are interested in
the stainless-steel sinks and
pressed-steel baths divisions.
It was not dear whether the
consortium made a bid yester-
day.

Mr Harry Donaldson, a shop
steward, said he hoped the
receiver would give some indica-
tion of the future of the iron-
works later this week. “The
workforce wiB start to get
frustrated if we don’t hear
what’s happening. Our future
depends on it’’

Local representatives Mr
Harry Ewing. Labour MP for
Stirling, Falkirk and G range,
mouth, and Mr Martin O’Neill,
Labour MP for Clackmannan
and East Stirlingshire, arc
hopeful the company can be
saved and are waiting anxiously
for news.

Mr O’Neill said: “ Hopefully
somebody will make an attrac-
tive offer which will secure as
much employment as possible.’’

Since the receivers were
called in 122 jobs have been
axed, reducing the total work-
force to 615.

THE COST of dying in Britain
is as unpredictable as its timing,
according to the Odd Fellows
Friendly Society.

Wide variations between
between regions showed up in
its annual survey of funeral
casts.. The price of a “cheap”
funeral with cremation ranged
from £259 in Exeter to £497 in
London. .Wales and the West
country offered the most reason- .
cble prices and London the
highest

Most prices were about £400,!
except' in London. The addition
of a headstone or plaque put
the price up considerably.

Varied prices

Prices for individual services
varied widely. Coffir. prices
ranged from £35 to £E9. One
Scoitifii undertaker, v.-ho was
asked ti’.2 price ui bis cheapest
coffin, replied : " £80 for a
paupers coffin.”

The society says savings car.
be made by obtaining estimates
from several funeral directors
well before there is any urgent
need.

Sharping around is not easy,
however. Many funeral direc-
tors refused to give prices c*'r
the telephone. Many of the;-'
who did would r.ot break cosls
down.

The survey says : *’ Must
people who are arranging a
funeral will be reluctant to r.o
into detailed costings and wijl
accept an overall figure ba&cU
on the cost of the coffin.

The Exeter funeral, the
cheapest detailed costing the
survey could find, included :
chapel of rest, £15: coffin. £.>S:
hearse and four bearers, £28 :
limousine for mourners, £10 ;
professional services. £60;
cremation fee £60; two
doctors' certificates, £3T :
minister's fee and expenses, £17.
Total : £259.

World steel-making falls
to 30.8m tonnes in July

BY ALAN PHCE. INDUSTRIAL CORRESPONDENT

WORLD STEEL production last
month dropped by 18.3 per cent
compared with July 1981, to
30304,000 tonnes, according to
International Iron and Steel In-
stitute-compiled figures.

Total production for the first
seven months of this year stood,
at 341,156,000 tonnes, a drop
of 10.4 per cent on the corres-
ponding period of 1981.

The biggest change in -the
July 1981 to July 1982 period
was in the U.S. There produc-

tion was down by 43.9 per cent.
This drop was almost equalled
by Canada, which suffered a
reduction of 40.3 per cent.

In the EEC as a whole the
decline was 17.3 per cent This
total included reductions of 2L3
per cent in Britain, 21.4 In Bel-
gium, 29.8 In West Germany
and 16.9 per cent in France.
The Japanese steel industry
suffered a 6,1 per cent Atop, in
July output, compared with last
year.

we spent SOyears
developing it

With all that experience
behind us, we can offer you

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” 7 '

Financial Times Tuesday August 31 ; 1982

UK NEWS

Food industry s
lowest for two years

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

A SHARP fall in the profit-
ability of UK food manufac-
turers is revealed in the latest
survey of the indusry, published
by the Food and Drink Indus-
tries Council.

The survey, prepared for the
council by the Institute of
Grocery Distribution, shows that
in the first three months of this
year food manufacturers' profit
margins fell to their lowest
level for two years.

Moreover, the companies'
profit margins in the first quar-
ter of this year were some 44
per cent down on those in the
third quarter of last year.

. The survey of major food
companies found that pre-tax
profits as a percentage of sales
in the first quarter of this year
were 3.21 per cent compared
with 4;45 per cent in the first
quarter of last year. At its
peak' in the third quarter, the
ffnr gin was 5.73 per cent

This. year's first-quarter
figures are the lowest since the
first quarter of 1980, when the
profit .margin was 23.2 per cent.
Cm a' seasonally adjusted basis,
the profit margin in the first
quarter of this year was 3.83 per

cent, against 5.30 per cent in the
first three months of last year.

No profitability figures are
yet available for the period
since March, but few in the
industry expect any major
increase in profit margins this
year. “ A change in the-present
trend is unlikely .in the
immediate future," the council
admits.

. The decline in food com-
panies' profitability has come as
a disappointment to the indus-
try after the improvement in
the first nine months of last
year. But the slump began in
the November-December period,
when the figures revealed the
worst fourth-quarter result since
1978.

“ We are seeing . the ■ re-
emergence of a situation which
became acute during much of
the 1970s." says the council.
“ Difficulties in obtaining satis-
factory sales prices are reducing
profit levels just at a ‘time when
increased working capital is
required.

** in turn, borrowings have
increased while interest rates
are still high, resulting in fur-
ther pressure on profit levels.”

The council also puts some of

the blame for the industry's low
profitability on "pressure by
retailers. Although the volume
of retail sales index for food
retailers in the six months to
March'. 1982, remained steady,
it points out this was sustained
only by low increases in food
prices. For example, during
that period the Grocer price
index for processed foods rose
by only 3.7 per cent.

“ Distributors are* able to
ensure that a- 'soft* market
situation is reflected in the
prices which manufacturers are
able to obtain, and the lowering

of manufacturers’ profits is the

consequence," the council says.

For the future, the council
believes that “markets will
remain difficult and cost pres-
sures, particularly in the form,
of working capital require-
ments. are likely to remain
higher than a year ago.”

It points out that many of the
price rises resulting from the
recent EEC farm price settle-
ment still have to work their
way through the system. “It.
should be remembered that they
were the highest support prices
awarded for many years," the
council adds.

Sails trimmed to weather storm

ANYONE who has ever messed
about in boats knows that the
name Hood is synonymous with
jnality. Hood is one of the best
sailmakers. “ The best,"
according to Bryan Axford.

But he is biased. He is
joint managing director of
Rood Sailmakers, of Lymington.
the British arm of a company
started in the late-1940s in New-
England by Ted Hood.

Hood mainly makes sails for
[he biggest and best boats, hut
the company’s ■ overwhelming
association with the top end of
the market perturbs Axford,

" We make sails for middle
boats and want people to know
we can make for them as well,"
be says.

“ We may be the Rolls-Royce
rf sailmakers but we will taik
to anyone about their problems
and we make sails down to rac-
ing dinghies. This *is a very
competitive business and we are
very competitive in it."

Making sails is a highly specia-
lised business. Ted Hood started
in America where he saw a gap
in the market. Later, because of
frustration with his' suppliers
and the quality of the Egyptian
cotton they were offering him-
he began to weave his own
cloth. . . . _ .

The company arrived in on-
tain in 1967 and Axford joined
a couple of years later. The con-

Anthony Moreton
looks at the way a .
famous sailmaker is
trying to cope with the
effects of the
recession

earn was built up to a staff of
60 to 65 but the recession has hit
Hood, like every other company
in the country, and it is now
down to 51, of whom 35 are pro-
duction people.

Surveying the H amble river
and . across the Solent to Cowes
Bryan Axford says: “ This is the
last corner of England to notice
there is something called a
recession.

“But it has got through at
last and we have had to trim
our production back. Since 1980
we have probably had a down-
turn of about 25 per cent and
this year will certainly be lower
than last year.

“Most 4jf the' rationalisation
has .come about, I am glad to
say, through natural wastage
and- we have managed to stay
profitable.. I t is not a profit we

: ..■**.* *¥'■:
! ,t »■;*:>: •

♦!■' V .

. v,:‘

; i# , -v s .*

si

...tfh.

Tarry Kirk

Mr Bryan Axford, joint managing director of Hood Sails, on
his yacht.

an proud of, but it- is a profit,
and by the standards of the rest
of the industry it’s not bad.”

That profit has been made on
a turnover of about £1.5m, of
which 40 per cent comes from
overseas. But turnover has
been static for the past two or
three years, which means that in
real terms the company has
slipped.

In " normal times the U.S.
parent expects to receive a
royalty from Lymingion. But
the Americans have gone easy
on royalties in the recession to
keep their British arm in the
black.

Because so much o-f the com-
pany's work is for the top end
of the market Hood Sailmakers
has been badly hit by: the de-
pression on the stock market.
“ Our customers tend to be parr
ticularly affected by the market,
.especially when many of the
big boats are company owned.

“ Both companies and rich in-
dividuals : have stopped build-
ing new boats and so we have
been forced to rely increasingly
on replacement work.

“We thought we might be
pulling out of the recession this
year. Perhaps we were too
much influenced by what we
read in the papers. But this year
has been, if anything even more
difficult than 19S1 .

Thisannouncetnoit appears as a matter of record only.

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Call for
better
measure of
drug value

By David Fhhlodc, Science Editor
A call for .more refined
methods of measuring the
impact of modern drug
therapy on health Has been

made by the Office ot Health
Economics, think-tank of the
Fn'rish pharmaceutical indus-
try.

It believes ^'health in-
dices” may have a part to
play in the assessment of
medicines when they are first
used, on patients.

In a- report Just published
the OHE finds that medicines
developed over the .last 30
years “have made a signifi-
cant impact in improving
well-being in subjective
terms.”

It claims its study is one
of the ' u few systematic
attempts to measure the bene-
fits” of treatment by drugs.

There is growing concern
about the cost of medical
care, and. one way of Justify-
ing the rising expenditure is
to demonstrate more clearly
the benefits, it says.

One yardstick It uses for
u quality of life " is the need
to be in hospital for treat-
'ment. Between 1959 and
1979 the number of beds in
British hospitals fell from

549.000 to 456,000.

The average length of stay
in hospital in England fell
from 30.1 days in 1965 to
20.9 days in 1977.

The biggest single factor
was the decline in beds — -

30.000 in 1952 to 625 in 1979
' — for tuberculosis.

Another big reduction was
made in beds for psychiatric
patients — 154,000 in 1954 to

78.000 in 1979 — following
the .introduction of the drug
ehlorpromazine.

OHE Briejing 19 — Medicine*
and the Quality of Life. Office of
Health Ecewomics, 12 While-
hail, London SWIA 2DY. -50p.

No substitute for flowers

FOR SEVERAL yeaTS Guernsey
planners believed a gradual
contraction of the island's
traditional horticultural indus-
try and the closure of out-
dared greenhouses would be
□ood for its economic health.
Rising fuel prices a and
tougher Dutch competition Hi
the UK market, however, have
led to a shrinkage greater and
faster than expected.

This has introduced unem-
ployment, particularly among
the’ unskilled, for the first time
since World War II. The
industrv employs 2.W0 full-
time. half the 1966 figure.-

Mr Stan Brouard,- island
labour and welfare chief, ex-
pressed fears ' recently that
100,000. sq ft of glass might be
out of production by next
winter with consequent job-
losses. -

With unemployment running
at 4 per cent of. the working
population in the past two
winters, Guernsey’s Govern-
ment has launched a programme
to support the development of
light industry.

In the past the labour needs
Of tomato — and flower —
growers restricted encourage-
ment of rival types of -producer.
The first modern industrial
plant was opened in 1958, by
. Tektronix, the U.S. oscilloscope-
maker, when, it moved in to the
island. , . .

Tektronix, employing about
600, is still the largest manu-
facturing unit in Guernsey.
Once, its competitive pay rates
were regarded with suspicion
by many growers.

In the -1970s the island
government set up a working
party to attract more light in-
dustry in a modest way. Several
small companies started up,
variously employing about 10
to 150 full-time staff. Their
activities included electronics,
packaging, pharmaceuticals and
boat-building.

The new drive for a broader-
based economy has led to the
seiting-up of’ the Department of
Commerce ' and Industry.
Backed by an initial budget of
£125,000 it is charged to pro-
mote the island as a centre for

Willa Owen ‘reports on plans for a
broader-based island economy

AROUND
BRITAIN :
GUERNSEY

light ■ industry, to help local

companies sell products in. Lbe
UK and abroad, and to
encourage expansion «I exist-
ing businesses.

The department has received
more ihan 350 inquiries. Four
companies began operating by
the end of last year. Another
six started this year.

Meanwhile 42 businessmen
have formed a self-help organi-
sation, the Guernsey Exporters
Group. The association is a
framework for the pooling of
ideas and of experience in over-
seas markets other than the UK.
It provides a corporate voice for
the island's exporters.

Guernsey’s chamber of com-
merce recently gave identity to
the Manufacturing sector by
launching a Made in Guemsey
origin-inark. designed to show
the world the island is a pro-
ducer of goods as well as of
tomatoes and holidays.

The chamber would like to
see financial support from
Guernsey's government, in
grants or similar inducements
for industrial investment. De-
partment of Commerce and

Indnsrry officials, however,
believe Guernsey has more
immediately appealing advan-
tages.

These include 20 pec cent
maximum tax rate on business
profits and personal salaries,

A function or the new depart-
ment is to stnooJh the way so
that a business moving to the
island can do so with minimum
frustration and loss of time.

Electronics is considered a
particularly suitable industry’
for Guernsey because it exports
at high value-added product —
"equivalent to a Rover car," as
one official put il.

Mr Bruce Riley, the Island's
commercial relations officer,
said light industry wa-i a mure
efficient laml-iiscr than horticul-
ture, which einplojed fewer
people per acre.

The drive to encourage more
companies, however, was not
designed as a subiiitme fur
hurt [culture, he emphasised.
“To stay viable Guerm-ry
needs to kep it& horticultural
industry and to develop manu-
facturing."

BAe wins
£3m Scots
deal for
Jetstreams

Sy Michael Donne.

Aerospace Correspondent

THE FiRST British order for
ihe Briti-h Aerospace Jet-
stream 31 twin turbo-prop small
airliner has been placed by a
Scottish company, il .was
announced yesterday.

In a deal (uinHing I3m,
PereSrme Air Service, an
Aberdeen-based North Sea oiL
air charter company, is to buy
tmc aircraft and discuss a con-
tract lor a second.

The first will be delivered in
December jnd tieihery o£ the
.second is scheduled l'or next
February. Both will be the
lS-seui commuter version.

British Aerospace has now
made seven .1 cist ream 31 sales,
with a further live opiions and
:,n additional fi’.e reservations.
Until yesterday, all the sales
were to the U.S., West Germany
and Norway.

The .let stream 31 was origin*
ally designed by the former
IJandlev Paqe aircraft vom-
puuv m 19«>5. But full produc-
tion at he Erilish Aeruspaco
iactury at Prestwick. Ayrshire,
did nut begin until i:i"i year. It
won its ce: liilcute of airworthi-
ness last June.

Output ar Prestwick is being
built up to at leas! 25 aircraft
a year hy 19*4.

Mr Briar. Thomas, man rising
dircctur at Prestwick, described
the deal as ■■particularly praiify-
jng ” and said: “It «s very
excitin': when a Scottish air-
craft manufacturer can look
forward to a Scottish operator
living its aircraft through the
support of Scottish financial
institutions."

British Aerospace had now
sold ail the Jetstreams available
for deliver) this year and had
made ■•reasonable inroads" into
pi educing those available for
delivery next year, he added.

If there has been one change
for the better, from the com-
pany's point of view, it is that
it is easier to get young people
to join the company.

In the middle 1970s Bryan
Axford would put an advertise-
ment in the local paper for
weeks on end without getting
a single reply. “Nowadays, one
advert brings in between 30 and
40 replies.

"It is a very sad situation.
Some of those who apply have
been out of work for at least
six months. Everyone who
writes to us gets a reply, but
we just do not have the work
to enable us to take them on."

The keen desire to work for
Hood Sailmakers does not only
stem from the recession. A
decade ago rhe company, like
its competitors, paid under the
national average. Today it
offers rates -comparable to
those paid by other industry in
the area..

Axford has not gone in for
any of the schemes the Govern-
ment has been pushing. “We
have not employed anyone
under the Youth Opportunity
Programme, though I did con-
sider it earlier this year. The
Ministry was very Interested at
the time, of course: This winter,
though, we might take on one
or two, depending on our situa-
tion.”

Only British Caledonian offers
the businessman the choice of First, Executive
or Economy Class to South America,

' 4# V

First Class

Skyiounger sleeper sears.

. A superb choice or menus and
fine wines. And a standard of
in-Uight service that has helped
get us voted Amine of the Year for
the Iasi three years running, it all
■ acids up to the finest Firs: Class in
the business.

Executive Class

The new £jus/ness//ke way to
South America starts with special
treatment at our separate check-in
facilities at London -Galwic k.

On ooa/rt you wiii tind we I wse
extended the seat- pile! • in our new
e\ elusive Executive cabin to a gener-
ous 38." I’Vt q/Ve you a tree head-
set with which to enjoy the i nusic
programmes and feature hit ns. Ai id, of
course, the drinks are on the house.

I

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CARACAS

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\ GUAYAQUIL

LIMA

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RECIFE

■BlOpe JANEIRO

SAP. PAULO

SANTIAGO 0

Economy excursion
. fares

forth e businessman on a budget we
offera range of excursion tares to ail
six couniries.mt we serve in Souih
America.

i:

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Standard

Chartered

announces that on
and after 31st August, 1982
its Base Rate for
lending is being decreased
from 11% to 10%%p.a.

Theinterest rate payable on depoataccounts
subject to seven dap notice of withdrawal will be decreased from
8%to7Vis%pjL

The interest rate payable on High Interest deposit accounts
subject to twenty one days notice of withdrawal will be deceased
. from9%to8lc%pj.'

& Standard Chartered

Bank PLC

Plugging tax loopholes in life deals

you need his help

THE Inland Revenue urgently
needs to get together with all
sections of the life assurance
industry to sort out the system
of taxation for contracts, par-
ticularly that related lo lump-
sum investments.

The controversy over second-
hand bonds has highlighted the
confusion and has shown that
the .system of legislation and
"gentlemen’s agreements**- does-
not work. ■- ■

Life assurance has. a variety
of tax concessions applicable to
the life funds and to the indi-
vidual Hfe contracts when they
are cashed in. The. present
system offers the tax-avoidance
specialist a fruitful field. An
artificial combination of life
contracts can minimise or even
eliminate tax liability for the
investor in a - manner never
intended by the Revenue.

The traditional life com-
panies which are members of
.the. Life. Offices Association
(LOAJ or the Associated Scot-
tish life Offices (ASLO). have
an. unwritten "gentleman's
agreement” with the Revenue
not to abuse these tax conces-
sions or to 'get involved in the

APPOINTMENTS

A comprehensive new system
is needed, writes Eric Short

tax-avoidance business through
artificial arrangements.-

It is difficult to draw an exact
line on tax avoidance but the
rule of thumb seems to be that
-if -the investor himself can put-
■together the separate contracts
then ’it is acceptable. • .

The LOA and ASLO officials-
have regular informal- meetings
-with the- Revenue and each,
.knows the other's views. Some
non-member life companies also
abide by this- agreement, but
most non-members refuse to be
tied down by it. They are very
miicK involved in designing tax-
efficient 1 schemes and- are not
worried In the least by the con-
cept of artificiality, as long as
the- -scheme complies with
current legislation. -
The past decade has seen the
“entrepreneurial" life com-
panies produce one tax-
avoidance scheme' after another.
These schemes flourish for a
while and sell well before pie
Revenue gets around to taking

legislative action;

This delay -is beginning to.
infuriate the traditional ■ life
companies which are con-
stantly saying that their - sales
suffer by continuing to- abide,
by the agreement

The Revenue seems to. take
an inordinately long time first
to discover that such schemes
exist, then to ascertain that sales
are sufficiently widespread to
seek the necessary parliament-
ary time to stop the loophole. •

Often -the Revenue privately
admits .that it was unaware of
the existence of a tax-avoidance
scheme until its officials heard
about it through the media.

So the LOA and ASLO take
upon themselves the r01e of
informing the Revenue that
such schemes are being
marketed and of asking for
action to he taken as so on as
possible. This infuriates the
non-member life companies who
take the line that the assoda-

CONTRACTS

tions have no right to interfere
with the marketing and’ " to
dictate to the Revenue over tax
legislation.

These views, which have split
the life assurance industry,
have been" highlighted by the
second-hand bond controversy.
This was a clever device to
minimise tax on a life bond
through a highly artificial sales
procedure. The association- com- j
•parties saw . bond bumness
increasingly go to tile non-
member companies over the
past coupJe of years while the
.Revenue did nothing.. -

When' fee * Revenue at last

moved in -June it seemed to be~
malrtng.np 1 fee rules as- ft went
along, Usually at the behest of
tile LOA.. ThC industry is faced
with a highly .complex piece of
legislation in • next- year's
Finance BSIL

The situation is highly un-
satisfactory . for the long-term
good of fee jUK, life assurance
industry. H*e ' oid -system' of
abiding byfee spirit, of the
legislation is,' not working. It~
needs to'.W replaced quickly by
camprehensve 'tax .legislation
for life assurance.

When help is needed, please
help him and his dependant'

Ac3onatkm,acc3veflaiita3^acyto

THE ARMY B3ENEVOLEOT

vsfllhdpsoldieis,ex-scjdieisai3d their iamHies indistress

—— — EgTFTD08EC y i!B W 5 S B?IX3MlXH'gll!S4SP— — — i

Senior post Wiggins Group

at Vickers wins £5m orders

▼ twlw V*. VJ The contracting division of the group with a total order worth

• * - - WIGGINS GROUP has won over more than £2m- Tbe 2966 -will be

• Mx Rob Vergnson, a founder -ing director, of a re-formed £ 5 m worth of . contracts. The osed by ADMA-OPCO for.fee
member of the Association of Vickers fluid power division. largest is for houses, flats and development of systems under
Hydraulic Equipment Manufac- * ^ bungalows at St Mellons, Cardiff the VME 2900 operating system

hirers, has been appointed • Brigadier Anne Field has been for Cardiff City Council. This and will also operate under,
managing director of VICKERS appointed from September l as CQn tra C t, worth over £2m, was CME. It will also provide a back-
FLUID POWER at South Mar- a regional director of the Greater WOD by the Gee Walker and up and load fearing service to

• Mr Rob Vergnson, . a founder -ing director, of a reformed
member of the Association of Vickers fluid power division.
Hydraulic Equipment Manufac- „ .
turers. . has been appointed -

managing director of VICKERS appointed from September 1 as
FLUID POWER at South Mar- a regional director of the Greater
ston, Swindon. He joined Vickers "f 1 ® 11 *! ,

ston Swindon. He joined Vickers -London regional b ?. Slater office at Bridgend. Gees ADNOCs computer centrewhicta

hydraulics division In 1977 as LLOYDS BANK. Brigadier new are also building 20 advance fac- currently comprises an ICL 2972

director of sales and marketing Wined ^ A P in l0 ™ units at Hirwaun for the and a 2982.

^.retired as director of the welsh Development Agency. * * • • • '(

before becoming assistant manag- women's Royal Army Corp. costing £496.000, and 30 bunga- MARSHALL CONSTRUCTION

MARSHALL CONSTRUCTION

L

Lj

lLlUj

rr

LL

DIDIER-WERKK AG

WIESBADEN, GERMANY
(Refractories and Engineering Services) . ,

^ „ , .v’;.™,!.!,!™ u„ lows at Hengoed for Rbymney GROUP ftom El land has be«n

| Following the acqmsiuon y Valley District Council worth awarded a contract wort* around
Charter Consolidated of 65.24 per ^ t™™™****

Cent of.Souti^Crofty, the f °llow- Jn ’ Wiggins Construct j. Saiosbury at Gooengates.

,ng . ap f° m 5nnTH h ?ROFTVS (Eastc?rn1 has started building Bradford. Tbe devdopment con-
Eft. SOuTH CKOfTY b an oId peop , e . s eampjex at sists of a 94,000 sq ft reteal unit |
board. MrA. J. Stanford-le-Hope for Thurrock encompeaswg boflh a food super-

also chairman i of South crotp i g oroU gb Council, valued at market and a Home Base DIY I

an J e i! ec ^ tl , e .f“ rect0 . r £900.000. and grouped dwellings buildiz«. Woric commenced on

wd head of its mining division at W issants t Phase 2) Harlow, August 16 and » due to be com-
Mr J. V. Cleasby, an alternate f Harlow District Council, cost- plefed in May 198* and the fit-
director of Charter, consulting Inp £400,000. ' ting out period of fee super-

The Annua! General Meeting was initial short-time working., gress In the field of environ- a manager of Charter and head ^ ^

of Didier-Werke AG was held Capacity was also reduced in mental protection. of j ts group financial planning development

in Wiesbaden on 16 July 1982 order to adjust to the permanent In the field of acid-resistant department; and Mr G. Gardiner, Hatlov „ Hou<

and the following are extracts change in the refractories mar- installations results were satis- manager— mining administration worth £462.000

from the speech of the Chairman ket, and this led to some factor, although because of a in Charter's, mining division. f<£ Wessex :

repen preyed by u,e Board. Th. Pd Uoy ft, co mpmr bar ™ ^ ^ M 10 ffiloS SYSTEMS. “»■

Dr poindop ^e-ESopr^ 5 ^. The AbuDb

Sf,r L oo“^cU , , a „ 1I Al <I1 S SUSTcJS M

director of Charter, consulting Inp £ 400 , 000 . ' ting out period of fee super-

engineer and head of its tech- Wiggins Wessex Construction market wHI enable the whole |
nicai department; Mr J. A- rooi, ^as taken two contracts in Hamp- complex to be open for trading
a manager of Charter and head g bire. one being a residential In November 1983. The con-
of its group financial planning development at Alton ' for tract was awarded to Marshall
department; and Mr G. Gardiner, Hanover Housing Association Construction Group by An&er
manager— mining administration war i}, £462.000, and the other. Devrtopmeats, a West Yorkshire

culties encountered in 1981. the becaus^ of cuts in cost and a

Didier Group had managed to «„ flexible pricing policy.

maintain the success achieved in J a 5 -iS Personnel

previous years. This had been sector of DM b43m, a nse of 3.3%. Personnel

done in the face of a continuing Capacity utilisation abroad The company s labour force

crisis in the steel industry and remained better than at home, f® 11 from Qu ^°P

an unprecedented decline in The French plants succeeded in toe year, with foreign workers

employment in the construction raising their employment even accounting tor around 35% of

todustry. He went on to describe beyond fee high W fee total of blue-coUar workers I COUNCIL.

Mr. Donald. Davidson has been
appointed managing director of
ITEL SOFTWARE SYSTEMS.
Mr Davidson has responsibilities
throughout Europe and is cur-
rently launching fee company in
the UK
,

Tbe Education Secretary has
appointed Lord Cranbrook, Pro- 1
lessor Ronald Edwards and Pro-
fessor John Simpson as new
members of the NATURAL
ENVIRONMENT RESEARCH

Authority, • is the conversion of aire acting 00 behalf of. a Swiss
an existing house to a residential financial consortium .foe. car-iy-
unit for children, value £140,000. ing. cut fee total development
* *

The Abu Dhabi National Oil BRC of Stafford has received
Company CADNOC) has signeda an order worth over £lm to
contract for a 12 megabyte ICL supply reinforcing steel to be
2966 computer to be installed in used in fee improvement of the
the Abu Dhabi Marine Operating a 55 North Wales coast road from
company (ADMA-OPCO), one of Llanddulas to Gian conwy. The
the group's operating companies order, placed by Fairciough Civil
which produces fee majority of Engineering of Adlington, Lan-
Abu Dhabi's offshore oil. ADNOC cashire. involves nearly 5,000 ■
has also considerably enhanced tonnes of high specification cut
other computer facilities in the and bent bar. I

in detail fee strategic steps reached in the previous j*ear. eniJ3i
taken in the last ten years, since The Spanish Didier refractory pany
the start of fee oil crisis, to plant also fell only slightly short
counter successfully fee struc- of the encouraging figure U»

employed by fee parent- com-

Prospecta •

Users of refractory products

turai changes feat had occurred reached in fee previous year, are under Increased pressure lffifFFWO Cl M A kl A I A I IUADV

as a result The two American plants, on the everywhere to_ increase their VvUA O f lAMrlwIML l/IMVv I

Talking about economic and other hand, did not manage to profitability. This challenge at

social policies. Dr Bieneck com- maintain the business of the toe same, time creates new. tfoti owing is a record of <the pr i ncipal business and financial engagements during fee week,

plained that annual wage previous year because of the ° 1 ? po, ^t les f ?. r . J >ldier _^^ ch The board meetings are mainly for the purpose <rf considering dMdends and official indications
increases still failed to use pro- recession in the United States, toe company will do everything are not always available whether dividends concerned are Interims or finals. The subdivisions
gress in productivity as a yard- but tbe advantage of local pro- it can to exploit. shown below are based mainly on last year’s timetable. -

stick. Moreover. personal duction being closer to the Wife the increasingly inter- • . ■ .

initiative and international com- market was clearly shown in national character of production ' d/videko a’^t^st payments— wmS^ 8 at. 3 A'.'shpc

petitiveness had been and Canada, where fee Didier plant and distribution fee refractories 'eTnk*^ RaT * 1 E * eha * B# vmlf iS l 'Db ,, Ipc L " 3 ‘“ ,e •

remained affected by the con- again managed to improve its as well as the Didier Engineering 9 “ n , h , Tool 2 ta > parambe ■ • TtansDAYsantMBKa 2

tinuing policy of redistribution, capacity utilisation in the face business have changed character. ammo* ■ » p^nh^AMuranec ^compa^jy ^Erm^s— rwnp(4 Way>

In view of a level of youth of adverse market conditions. Didier, as an enterprise operat- company meetings— wStxwS^H Lon *” ,T * Iur *" c * . ^ -Hotel. ’HudteMtu.

Worldwide. Didier succeeded mg woridwid yty b^B. ao r, S S5S: o'liSSTViloo""' ^ pi™™- F JT, Q . mj.

for concern Didier had increased. oncp a eain in strenvtheninv its todependent of developments in board meetings — . a m ax sta. izj» ■

(fee r number of truteiug ploees it SSt.^SSiUoDTm™ m todieiduol .MrkcB. oJST%,

made available. of the leading producers of re- t 1982 1 again poses special probe r« Dt, 2 ^ • • "lef 12 %^ - 0 *" as - 35 - . atv **•*■

Dr Bieneck also took issue {factories. The product range lem ? for fee German ecenomy, ^? b ^' mb)t<iQn3 S,MV ****■ "•'•M.-wc.

wife allegations of a refusal by ^ even more closeJy tailored but Didier’s move . in- new direc- « ***** - |SS^? r 7 W Ke^

S dU ^Eu“ n V n^ B ?« 0in a 25*tS to customers' efforts to sol” tions should enable; fee Group ■ »»&««« • sSS' -SSE?

shaken confidence resulting from j ^ the 'high temperature Position in the new business Alexander md A»«Mmj*r Ungn aSso* bub^o ^ iOCl,tP * ri,Bd4 S B l SS^^“Nr H L£la». l £jo * Roid ‘

Sr^hLSr t0 in th nlr^i?' r of “ by uStg Inlreasingly high- W. "»*

Didier, however, in pursuit Of __ r»frar»T nrV' tw-,. , . , . AnBlo.lAwalan Corun ip Clarke NIUcoMs CoornO* un 4 Abc Lftd Gu lnd. Couuuiiht Room, Great

YESTERDAY

DIVIDEND & INTEREST PAYMENTS—
•Amditil Coran 100s
Bank of Montreal 49cts
Huflh Tool 2 let*

Jounun CThomas) 1.75p
TODAY

COMPANY MEETINGS —

Steohen lAkexander). Reg, once. Lint-

. iwii«, Glue art. 12.00

BOARD MEETINGS — .

Fhah:

Cowan o« Gfaot
Rlgntwlae
lAiarumi
Ely* .(WlmMcdqnl
Laobroka

Laraonrt 'Howartb
Mactarlau* (Clanvnam .

Nw-Swlft InOx '

Roalnwn (TirturUJi

Crouch iDerdo
Dcwhurtt fl. JJ
Guardian Royal Exchaage
Merchwiel
Para in be _ .

Phoenix Assurance

Re* Eren .

Sun Alliance snrf London Insurance
Woodward (H.>

OIVIOENO A INTEREST PAYMENTS—
AMAX Sets .

Aenm Ob IVk <A)

American Brands 87 -Set*

A sorts lOcts _ __ ■

Aifidown Inv Tst Ob 2>iPC
Blua Circle lnd* Dos 3. S*joc
Bowater Caron nb-INpc
Bratjy Leslie BpcPf 2-Bpc
Brahkm Millar a3p .

Brtrtin Aluminium 6pcPt 2.1 pc

British Rayophane 5 Z5pcPJ 2.625PC

Allnjtt London Pros* Db Sl*c
Anglo- Indonesian Coron IP
Arlington Motor HMbs 23p
Atkins Brd# < Hosiery) 5>yx

^ tTirrpn.Pil in- ^de ceramic refractory Profit and Dividend

its strategy, had increased in nroducts Production was - ■»>_— j . ,, I Atkins Bro# <Ho#iery» 5 'okP

vestment bv some 20<fc to j. VT , 0 .. 7w Profit for fee year, Including I Automated security soept

DM OBm in 19ST T^e «n.h« 5 tanHai ad ^ uste d accordingly aod the the balance brought forward of ' ^ ^ rvn 3act?

efleen,™^ ^d nexlbiUty of DM DIMO.S To

Sen rtSed would only become DM 12.632,813.18 which, after an

fully effective during The current appropriation of DM 3,500.000 to

yew. when it would rise to more ^creased further. Sales of high- ^ free reserve, produced a
than DM 30m. gTade D,dier w^ahties for the lotaI D f DM 9,132,813.18 available

AS for 3 developments during Rowing nuofeer o continuous fo; distribution.

the current year. Dr Bieneck LJuSief iarts of the *. ft i. 5 accordingly proposed to

felt there was little prospect of fL^mad? n ar ti?u!arlv eood a dividend of DM 5,50

a lasting recovery in the home oroiress This s^uT w^ldSde in respect of each DM 50
demand for standard products. is reflecteTto nomina3 sbare< a rate * n %

AU the same orders had kept up n VrcenSee of ^xnortt whi ch and ^^tovalent to DM 9.032,100

with the previous year up to ™ p P f C r^ 52 3% taSSSJSoS °n fee share capital ranking for
now and capacity utilisation in ^ ViSf 1 g^2? profit of DSt ' 82 ' 110 ’ 000 - afld to

* 1,0 fio pman nlantc Sort ric*n - vea f 10 **°7b “ **»«• overall,

'» 5‘iPCpf 1.925 pc

Bsnk lr*tond pita Rate Cap Notas 1989 Os»onoort Kjil

539^5 _

BefBM *aulc_AJ. File Rate Cap Notes
1989 $39.25
BOfry Tst Lb 2 '•Pc

British l ml* and General im> Tat Db 3bpc
Burmoh Oil Lo ,4'*pc
Carter Hawley Hale Stores 30 -Sets
Central Lon Don (New; C-W Aasto loc
CKIeorp O'aeaa Fin Cervn GW Fltq Rate
-Notes 19B3 S384 2B
combined EnsJUb Stoner Lit 4*rpc
Crot5 4 IMI J-n Sffsx
Dali v Mall and General Tst lip
Derby Tst Inc Shs 10. 806b
Dowty Ln 3'jpc

Emeresu La M Obama Sa de Cv Flta
_Rate Notes due T9BB S820-21
Emray 0.50' ■

Cardinal Ib» Tst DM 1 -3P _

Clarke N I deoils Coombs un 4i«pe
Continental lod T*t Db 2hac
Carp London 3hpcDb 198343 1ADC
Cullen* stores SpcM 1.7Spc
D oric)! Sons Brewery Db 2oe
Oasenport Knitwear SJ»Spc

Dominion Geol Tst Db 2 ‘toe .intertott: —

Dunbar 4pc 8p

East Surrey Wtr 22 k (Hntr- fprt .Pre-W Cadbury Schweppes
1.4 pc- bbi Z 2U 3U 0989-91). 31s Cambridge Elec Iik

Tax AbraDrcs. George Hotel. Hlgb street
Colchester. Essex. ' 2-00
Utd Gas lnd. Cnnisht Rooms. Great
Q wen Street, WC. 12. DO
BOARD MEETINGS —
nssir'

British EJoe Traction

Whitworth Elec * .

. Interims: .... ... ...

•I*_ - . - .

1.4pc- bbs Z ZA 3U 11989-91). 3H Cambridge Elec liuls

11990-92/. 3Ss.5pc _ _ .. . Charterhouse Grp

East Worcestershire Wtrtdu. 3j»pc_ (felly Gen Mno Union Con
Ski Max 1.75j»c. Tpe Umly TOPCl Max Morgan Crucible .
3.5pc. 2.9pc tbnlr AoO Pf 1035 1.4PC Mote Bros . * • -

the German plants had risen ^ forei ‘^ . carry forward . the resulting

slightly, largely because of the SJE-. balance.of DM 100,713.18.

siignny. largely wwuse wt tuc Witallpd fonnet •

worldwide business in high-grade , taronvl? of The awounta, and , -™« S L--. r3ie --

products. Exports were currently rSa K^Sl^aud 3 turnover world- - the P r °W^ P u£ forward Jby\ Cimirte c^» g Sbc .

taking 57% Of total output . , “J* faSTSS £2* ** **** ad °P ted - 1 ^ w 250 ~

Eoulnr inc Tst Debs 3Soc
EaroCTierm Inti 2p

Excallbur Jewellery ll.SpcPf B.75pc

FFI (UK Finance) Ln 4 ’„dc

Foster (John) Lit Hi pe

GTE Finance Pits Ret* Notes due 1987

Grapt* c/amesi fEaso Ob supc '
Grutermans stores pf z*»c. 2ndP« Zhpo
SrdP# aijpe. P» 3 dc

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ilmly 5> 2 PCl PI 1.92SPC
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5Vdc

Fleming Meixandle In* Tst Db llipc
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Foster Bros Clothing Sijficer 1.925PC
GATX Coran eoets

Greece iKlnooom of) 5pcLn 1914 (and
with Accent Cert) 2t»C
Graencoat Props Ob- 3 UPC
IU Inti Corpn ,28 750* _ _ . .

Inca Sets. Units (Comp * Cora and half
987 wts to Sub Comi Sets

■ In90ooll-Ra»>a 89«s - -.

Ireland 9’jpc 1991-96 41#c
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Kllenwort Benson Inv Dbs 2 2>», 21wc

Nlchob U. N.» jVJmto) . . .

Turner and Newall

DIVIDEND 4 INTEREST PAYMENTS—

essw-Sj^a i.sp

Gc Portland Estate s «p
M and G Dual Tst Inc 9 j<»

SheSeict Refrairtmrnr Hausen I.Tp
Trident TV A NV iJtBp.

FRIDAY SEPTEMBER S
.COMPANY MEETINGS — .

Brown Uohn>, 4. The Saoctusry. Wcst-
jMlmter, XV*. 12-00 .. . _ .

Cdisuon Inds, Browns Hotel. Dover
Street? W. 12.M

Initial,' Chartered Aecoan»nt» Hp». 11 •
Coo Shall Avenue, EC, 1X15
Marling Inds. Charing Cross Hotel.. WC.

UKing ai^> oi loiai oulhuu - d * - a—* rime Dassed

Although he e^iecte outpu ^ uillion-mairk. to reach

S DM 10291,0 l+l0 * ) -

stable, and since the Group was Investments continued to be

fee Board were adopted.

Board of Management
fVorstandj

DipL-Kftn. Dr jur. Martin

stable, and since the Group was Investments continued to be DipL-Kftn. Dr jur. Martin
moving in new directions both aimed mainly at optimising and Bieneck, Chairman. Dietrich von
turnover and earnings were rationalising production, wife Kuoop, Vl^Chairman (as from

HdpHcw aid J*imar Lns 3U. SUpc
ICL Db 3PC

imperisl Colo- Storage Suoplr 15cts
Kaiser Aluminum Cheth COrvn 1 Sets -
Leda Ip* Tst 1A7p
Lenpons 1.8n

London St Uwrdiwe inv spcPf l.79pe
Lofldoa scottlah MiHik OH Ln-7PC
LondoTi Strathclyde Tst 3ocPI 1.7Sne

a ’le Shipping SieePf 2.362SPC
sgnet Jolnerr

expected to be in line with the
previous year. .

The following are details of
the Annual Report:

Refractories

The difficult market situation

KllanwPrt BMKHI irnr Db» 2 2*2. AMJX. -yiOT

6 'lOCPI Z.Z75DC aUbe MarJton Thompaon Evented. Rofl OftC*.

L ?^2 n ti < 52V" tr 5peCaBS lliw " 2l|B€ ■ Shobnall Road, Burton OP Tren% 11_>0
lite^n'MStentlal iny Tat Db Hate ^ p 'f&SSL»3 > |' 0 ,U0 9TWOt

^oiJr 6tel itPf 2.1PC. BteZndPr Rn^i (Alexander), Holhtav.fnii^Andera-
. }.r I JJiF Til ??? ^ ton. Arorle SWW Glasgow 12.00 .

. 6 ^ D S^L| 2: F» S Kr SErODd RJley Drummond. BankEdd Hotel.

S?** -- Blmiley. BraOftjrd. 11.30

wtl Nter Hte 3 k (B) 1<rac Wataon (R. Kahrtn). »lno lomi HoW. .

Ext Stlg Ln 19Z8 GMpe
Monurtta Ln 2>^«

BOARD MEETINGS — .'
Finals:

particular emphasis on energy 28 May 1982) Dipl.-Ing. Enisl ^SSfS amn “ T “

saving.

Engineering Services
Business in refractory engin-
eering services remained mainly
concerned with the erection of

also posed special problems for new hot blast stoves and orders
Didier. At home, capacity tor major repairs.

Mahler (up to 31 August 1981).
Dr-Ing. Gerhard Reinhardt,
DMng. Hans Stollenwerk.

Chief Executives
(Dvrektoren mtt
Generalvollmadit)
Werner Gottwald. Dr-Ing.

Gtd Fltg N«« 1994 138.92 iggi -83

I aw wP( 2 - iw:

I Oesterrekhlscfw K«n?n?IMta<* CM "Flfjr p S^J ,r t
I Rate Dtp Note* 1987 S18.802.03 r-jE* Ren

| Ogirvy and Matter Inil 3 Sets 55!“ E e 3

P 199?S74?8i ttC 00 "* *** ** NKt * 51

1981-83 3MBC t ^ . Chureh. ~

N arias Hod DIVIDEND & INTEREST PAYMENTS—

P rS,'. r °i^ iwS 5toim N Alpxauden Discount 6pePt 4Xp

pSt* of 1 * London Sm 1«»7-V0 ^ *

Parkland Textile 4XpcPf 2.1K -
Ptemlne ComitefCUl -Ln* 6, 7 Vk

Pennine Commercial Ln* 6
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4%jc_ • . „

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rart or wmws akwht — — — .BarWords Up

lUdff Rentals Lo V« ‘ ’ KSJ

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Red land spcPf 2 Ate* n ,‘

Reed Deoofattee. Prod* Pb 2gc .

Imrenor* Capital Tst 1 Jp
Klnta Kdlaa Rubter Estates 3.5 p
U oyds Bank 952p _

Meld ram ln« Tst 13St _

c^coraa 3‘ii wffl i 1979-8* Merrill Lynch Q*kbs OfiJtal NV GW

•tUiSsajKlr” 'EsjpTtt? 1984 S370 - K

the year

Didier hi Figures 1972-1981 (in mfflion DSD
1972 1972 1974 1975 1976 1977 3!

Share Capital 68.0 6K5 74.4 74.4 74.4 74.4 82.1 82.1 82.1 82.1

SSvpc 41.7 42.4 51.1 54.6 56.1 5 M 87£ 72A 78* 80.3

m^Aiaeis 62.1 60.1 07 J3 72.6 73.3 69.9 69.3 60^ 65.9 69.5

pStirtDations " 57.4 52.9 54.9 55.1 595 53.7 64.6 89.4 58.0 63.1

wSrid TSnOT«r 536 658 7?9 907 941 950 810 859 937 1,029

SoveTiCoT 405 482 571 605 598 582 592 623 698 722

Personnel Cost (Co.) 13S 161 186 186 188 183 IS8 195 213 206

NefproSt ...... J. 6.7 &2 12.0 12.5 1L1 11,0 11.3 14.9 13.0 12-5

f af vS?s e?d 8,010 6^34 6^01 5.638 5.417 5,167 4,795 4^55 4,767 4,427

Copies of fee full report can be- obtained from Seafax Ltd, 2 , The Mall, E a lin g; London W 2PJ.

TK- cite LocdQJV Tat OH 1 Jo. PftJOrd ; ; Rate - Notea 1990-

rtaO tpc. Spew 2.1DC BpcW rtndl

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Worms Ida Walter Attinsen Ln rf'jrte . fSSj.os 3 27S ^

TOMORROW Tm? Eutan? COTOO 1M Jste

COMPANY MEETINGS-- TYsZcSSs PlSStoe Wpc-

Brstem Miller. Strayateld Worta. Oar line Ms 2007 SABWcts
1 Nni Entekl. Middlesex. 5.00 Jreisifm Ln ld»a»c 1994 7««e. a*toc

Gt Portfind Ese ate*. Cate Ron/. BA, inn 7 4Wc

H«9#"t St. W, 1LOO _ I IBM 7hpePf 2.62SPC

MooroiEp In* Wt 1..I romro Grew. Union Carbide Corpn 85cte
BucWflatiam Gate. SW. 5.00 Unfo" ONeount of London lip __

B OARD METINGS — UM Mexican States Ifi'vcLn 2008 (Real

DJolom* Wen Kent Wtr 3 Jbc (Tmtr Btel, Con*

Herla mat _ _ i.75pc. ‘ 2.Bpe (fmlv 4 JO . FT Of £10

Pardee id Foundries 1AnC- 5.1 Spc ffrnty AbpO WdPf of £5

PftSOrd ■> 0*2225*1^ 1990- RandMrtt^n Estates Gold Mining 30005

find) rtgtca Rinsell lAfexanderl 0^6P . ___

X nL?. Z S'T 3B ..^«- -- TR Padflc Burn Inv Trt «»inew 1.57 Spc

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itmiy Enel Pf 2 -Idc. CSSpC (fmlv 6bPO
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_IInc Ms 2007 SA629ctS. _ _

Treasury Ln I4»a«: 1994 7»«e. BAoe

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Union Carbide Corpn BScte

Union Discount of London lip

UM Mexican states Ifi'yrcLn 2008 (Reg)

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i.75pc. - a.Bpe (fmlv , 4 jO . PT of CIO
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1.575 k. ■ A.025PC (Tmrv 3^ix3 RdPf

19B3-B6 2.01Z3OC. 4Jpc (fmlv BbO

Watson fR. Kelvin) ZJ Ep

SATURDAY StPTEMBKR *
M arston Thomgson Evented 1.37p
River Plate Goal Inv Tst DM ).4p

CHROMALLOY AMERICAN
CORPORATION

a divarsrNed Amdnean Company
has announced the appointment of
JOHN C. MATHERLY
to the position of Controller of Its
European Indvauial Products Group.
Mr Motherly will also continue In
his present position ss Director of
Finance and Administration of ALBE
SA. a Chremalloy subsidiary Iocs tod
In Lugano. Switzerland.

ABBEY NATIONAL

MONEY

New Rates

SEVEN DAY. ACCOIPIT ; t:

8.50% p^. net :

HIGH OFHON BONO

Current isser

9.25% p.a. net™13.2l% t

At tbe end cd five years equrvaleht to: '

pja^Tiet “li8$ 0 7ogrp^s

At the end of seven years equivalent Co; '= .:•

8.62% Pallet J

*WhmlnftmeTkxhpaidalab«<h:ratfc-of3Mfc- y^.

ABSEYNAHONAl

Abbey National BuTIding 5ocre<K
27 Baker Street London W 1M 2AA.

• I®

The National Savings Bank
announces that with effect
from IstOctober 1982,
the interest rate payable on
Investment Account deposits
will be 121% p.a. I

National Savings Bank

InvestmentAccount

Co-op Bank

announces a change

From tl.00% to 10.50% p.a.
On and after

Wednesday, 1st September
1982

Deposit Rates will become:

7 day deposits 7.25% p.a.

1 month deposits 7.50% p.a.

Short-term deposits range
from 8.25% to 9.85% p.a.

depending on. amount & term
(minimum £500 & 6 months)

First Co-operative Finance Limited
Cheque & Save current notional
interest rate is 6.00%

1

"?**»•*;

&*mkm

:■$*

* -v

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EXCLUSIVE DISTRIBUTORS FOR MIDDLE EAST
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r

8

Financial Times . Tuesday August 31 1982

UK NEWS -LABOUR

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Br

Congress faces
three options on
split with NEDC

Br JOHN LLOYD, LABOUR EDITOR

BATTLE LINES for the major government bodies, including
debates at TUC Congress next the NEDC "

Phoney war combatants concentrate on keeping their powder dry

week have been drawn over
the past week in a series of
private meetings between union
leaders and TUC officials.

The two most divisive , issues
— the structure of the TUC
general council and the TUC’s
relationship with the National
Economic Development Council
—have resisted all attempts to
bridge the gaps between the
main protagonists. On incomes
policy, the TUC is likely to con-
tinue to look both ways at mice
— though It may also commit
itself to a wages plan aimed ax
eliminating, low pay.

Motions opposing proposals to
be presented to Congress by the
general council, which set out a
system for automatic represen-
tation on the council of all

The print union So gat *82 and
the white-collar engineering
union AUEW-Tass will back a
composite ’ motion arguing
simply for withdrawal from the
NEDC. The Association of
Scientific, Technical and
Managerial Staffs, however, will
propose that the issue of
membership of the NEDC be
deferred until after the next
election

A set-piece debate is also
expected on a motion from the
construction section of the
Amalgamated Union of
Engineering Workers. This re-
affirms the TUC’s commitment
to free collective bargaining

An amendment to this from
the ISTC “ notes with alarm the
current problems arising from

THE 114th Trades Union Con-
gress, the fourth since the
present Government took office,
will take place in Brighton
Conference Centre on the sea-
front amid the pounding
rhetoric of a phoney war.

The TUC’s main campaign,
and the issue seen by its cadres,
its supporters, and its enemies
as the most crucial test facing
it, has been on the Govern-
ment’s employment legislation,
perhaps the most important in
the legislative programme, and
clearly aimed at the unions.
But the two sides have, not
joined in struggle.

Instead, both the TUCs
militancy and the new legisla-
tion have been largely shielded
by 3m unemployed. No one can
do more than guess at the out-
come of the battle once the
speech-making has to stop and
the action begins.

The TUC annual report
records that there has been
both much speech -making and

John Lloyd, Labour Editor, reports in the
first of a series of articles, on this year's
Trades Union Congress

much propaganda. In the past
year it has held a special
conference of executives, in
Wembley, to unite unions round
an “eight-point plan” of opposi-
tion. The speeches, printed as
an annexe to the report, came
from most of the movement’s
leaders.

Your Unions,” presented by
Colin Welland, actor and film
writer.

On Union Day. June 10. some
Pm leaflets were given out to
the general public, which has
remained unmoved.

At Congress nest week, more
motions — from the mineworkers.

“Tebhit Bill”— to be law by the ment has advanced while the widespread' sympathetic action
end pf the year, lays open mrnon TUC has retreated, which has an September . 22 In flagrant
funds, further limits immunities infuriated left wingers in the breach of the 1980 Act— partly
and the operation of the dosed Labour movement. . . . . to tempt Mr Tebbit and the

shop and strengthens the But only the unwise will con- «np2of«? (Mot their corner
employer’s right to sack tarteS and then take thenr nn m the

sartJtecs - bUfag"S courts. Bat it-wo ald . be Mr-

A further Bill to be the sub- death, and Mr Tebbit fe flot an. P™ 1 * “ w

jeet of a Green Paper m*rat the wmse man.

organisation in favour of the nmon, while; ^ thghffy higher -than

Together, ' the Bills go far ^ Nd union has been

j tiers, mouons— xrom me idiiwwuimu, towards the Government’s objec- rfce latter thC '

Mr Ken GUI, general secretary 4he engineers, the firemen and tiy e ofjreduciiig unions down to .vSJffcLfTmSi osri ' 1 QmftpPere

*k . «4.!«njM,ll9i> hnm'naarincr the sheetmetaiworkers— will call being 'fairfy unimportant zsso- fined a mere £3au. . ■ President Reagan's Admtnlstra-

dations of workers which bar- . Mr. Tebbit will wonder what Hon. -
gain for better wages in a mild. real, fury the ■ unions could '- The st rategi sts on both TUC
and rational manner. This is not muster to defend an imprisoned and' Government sides- know
a role for which the unions; Mr Geraghty if he "had been well that the' last' 3$ years have

union. AUEW Tass, told the
executives they were not there
to “define and appraise” Tebbit
but to bury him. Mr Tebbit
remains unburied.

In the past year some
£323,303 has been spent on
propaganda — posters, leaflets,
pamphlets, conferences, and a
video programme, “ Defend

for still more militant resist-
ance to the new legislation.

The unions have much to
fear, however. The 19S0
Employment Act — the “Prior
Act” — has limited their immuni-
ties, constrained the operation
of the dosed shop and all but
outlawed secondary picketing.
The 1982 Employment Bill— the

right or left, have any biting.

The reason why the thunder-
ing on both sides must be
regarded with scepticism is that
both have been careful to keep
their powder, dry. The Govern-

martyred with swingeing fine been spent manoeuvring round
in the cause of the healfii one of the. central questions of
wotkers-rond so will they. • British politics— on what terms
The health workers’ cause will is organised labour to play its
be a unifying theme at Brighton part in the economy? The
with, the . unions, pressing for . question has. yet to be answered.

unions with morei'fhan 100 000 curient arising nym

metS&rT haS? free collective bargaining under

in one resolution.

This wil can for an examina-
tion of alternative plans for
structural reform, with par- *■'
ticular emphasis on improving lj * bour
representation from a wide

the present government” and
seeks support for discussions on
earnings and incomes within
the framework of the TUC-
Party liaison com-
mittee’s document 'Economic

Community Programme 6 could boost jobs’

range of industries through a
revised trade group structure.

Amendments to this, from the
Post Office Engineering Union
and the Association of First
Division Civil Servants, will
also form one resolution. This
calls for the “ automaticity ”
principle to be implemented but
to be reviewed after five years.

Congress will face a choice
of three positions over the
NEDC. The Iron and Steel
Trades Confederation, un-
typicaliy, takes the most
extreme position, arguing that
the TUC and its affiliated
unions should “withdraw repre-
sentation from all. official and
semi-official (Quango-type)

Issues Facing the Next Labour
Government.

But union leaders anxious to
find grounds for constructive
talks' on pay with the Labour
Party, avoiding the simple
dichotomy between free collec-
tive bargaining and incomes
policy, aria looking to motions
on low pay from the National
Union of Public Employees and
the General and Municipal
Workers’ Union.

These call for the unions and
the party to open talks on “ a
nationally negotiated minimum
earnings level” together with
action on minimum wages,
strengthened Wages Councils
and a fair wages system.

BY PHIL# BASSETT, LABOUR CORRESPONDENT

THE GOVERNMENTS employ- several days’ work and several
ment services agency, the days’ training to those who take
Manpower Services Commission, part

estimates that the Government’s Mr Jeremy Suit, head of the
new Co mmunity Programme for MSC’s Community Programme
the long-term unemployed could Branch, says that if sponsors

provide many more full-time
jobs than the scheme it to
replacing.

In a letter to London volun-
tary organisations— which have
decided to black the new Com-
munity Programme (CPS) — the
-MSC said: “We estimate that
there will be at least as many
full-time jobs In the system as
there currently are under the

of the scheme decided to maxi-
mise the number of full-time

advantage to more than £15.

The letter is a dear attempt
to persuade the voluntary
groups in London to reverse
their dedsion -to black the new
scheme. Such groups currently
cater for about 90 per cent of
London’s long-term unemployed

jobs they coufld so distribute the who are on CEP schemes.

funds available to provide for
65,000 places at five days (on
an average pay rate of £75)
to balance 65,000 three-day
places (on an average wage cost
of £45).

The MSC argues that many
of those taking part will be con-

The groups feel that the pay
rates will be insufficient to
attract participants, and that
voluntary bodies are already
over-stretched by the smaller
CEP.

local government should refuse
to co-operate with it

It argues that a better scheme
would cost no more, since for
the same net cost as the CS’S
a scheme proriding 130,000 ful-
time jobs paying up to £89 a
week could have been provided,
rather than the same number
of only partly paid places.

The unit says that under the
CPS; very few participants will
be better off than they are on
supplementary behefit, and that
under its terms there is no real

Support for the groups’ doubts provision for training,
about the CPS comes in a brie#- Also, the unit forecasts that

Community Enterprise Pro- siderably better off than if they ing paper from .the Unemploy- tie numbtt of the long-term

BT sale plan attacked

BRITISH TELECOM’S largest
union, the Post Office Engineer-
ing Union, yesterday launched
a campaign against the Govern-
ment's plans to privatise BT,
which it sadd were “unneces-
sary, divisive and against the
interests of the comm unity as
a whole."

In a submission to the
Department of Industry on the
Government's recent White
Paper on the future of BT, the
union argues that the intro-
duction of private capital will
encourage BT to eliminate
unprofitable services.

Mr Bryan Stanley, general
secretary, said: “The Govern-
ment cannot have it both ways.
It cannot turn BT into a prime
company and tell it to act com-
mercially. and at the same time
require it to carry out non-
profitable operations which
would be unacceptable to any
normal company.”

• BT, which last week
announced record profits of
£45 8m, is planning to reduce its
workforce by 15,000 over the
next five years through “ natural
wastage.”

gramme (CEP) (ie 30,000). received only state benefit.
There could well be many As an example, the MSC says
more.” that two days’ work for a single

-The CPS. unveiled last month person who is not a house-
by Mr Norman TebWt, Employ- holder would give them more
ment Secretary, a s a replace- than £6 over their benefit level:
ment for the CEP, offers three days work would take that

ment Unit pressure group,
which argues -that “ there is
nothing to recommend " the
new scheme

The unit says that the CPS
scheme is “thoroughly bad”
and that interested unions in

unemployed now lm, will in-
crease' by 50 per cent over
the next tew years. If unem-
ployment stays at about 3m for
some years, then the unit says
30-40 per cent of the total will
be long-term unemployed.

Talks start on implementing Liverpool docks package

FINANCIAL TIMES REPORTER

EXPLORATORY talks for the
implementation of the two-year
pay and productivity package
for the 2,500 registered dockers
on the Mersey open in Liver-
pool this morning, between the
-port employers and the Trans-
port and General Workers'
Union.

The union negotiators on the
port modernisation committee
were able to get the crucial
deal accepted by most of the
men Iasf week, after four
months’ negotiation.

Union officials and shop
stewards now have to ensure
the smooth working of the
stretching of the gangs in
certain areas, and reduced
manniqgin others, including the
Royal Seaforth Dock complex.
This is to ensure a pool of men
is always available when there
is an upsurge in trade.

to attract the trade essential to
survival.

“ We hove given « -lot away in
negotiations over the last two
years and it will take time for
these latest changes to be
absorbed but there must be as
little delay as possible. "

There is no doubt the dockers

_ _ have been shaken by the an-

Mr Denis Terry, chairman of houscement last week by the
the port shop stewards, said Mersey Docks and Harbour
yesterday: “ It means a reversal Company, that it lost £lm in
of previous policy but we rea- July, after a deficit in 1981. of missed for indiscipline, had his
lise it has got to work if we are £7.Sm. final appeal rejected.

The company said it wzH save
nearly £Im by the recent closure
of its cargo handling operation
at Birkenhead.

• The Babble bus company's
depot at Aintree. near Liver-
pool, will resume north Mersey-
side services this morning:

They bad been baked by an
industrial dispute over the
weekend! The 103 drivers
walked out on Friday, after a
colleague, who had been dis-

Civil Service unions may
curb local joint committees

. BY RHHJP 8ASSETT-

CIVIL SERVICE union leaders
are proposing tight restrictions
on tiie operation of joint local
union committees. Securing the
re introduction of these com-
mittees was .seen as a key gain
for Left-wingers at the unions’
annual conferences earlier this
year.

Union leaders are split over
a confidential^ paper on the
reinstatement of local com-
mittees, which effectively rah,
at local level; the 21-week cam-
paign of strikes in the Civil
Service last year over pay.

The majority of members of
the Council of Civil Service
Unions believe that local com?
mittee officers should be

-meat, and other relatively low-
key issues. .

' However, it. states: ” it must
also be made clear that the
local committees do not in any ’
way' cut across or supersede the
normal union machinery for
policy making and decision
taking that -they have no power
to issue instructions to members
of affiliated unions or authorise
industrial action/ and that they ■

havemo negotiating responsible '

ties.”' . i

Tbe report Jsuggests that pro-
portional representation on the
committees would be inappro-
priate, and says instead that
constituent . council unions

accountable only to their com- -should have a m a x imu m of two .
mittees, in order to distance the se* 13 each.

council from the local com-
mittees’ activities.

However, others' are arguing
that clear lines of accountability
should be drawn to the council
centrally because the local com-
mittees would be acting in the
council’s name:

The document acknowledges
the “ vital contribution" of the.
local committees to the 1981
pay campaign, but says there
are a number of outstanding
problems to be dealt with if the
council is to meet unions* policy
decisions on permanent local
committees.

Financing

It relates -tins directly to the
financing of the committees,
suggesting the . unions should
fund them, cm tile basis of seats
taken. Alternatively, it sug-
gests they could be funded cen-
trally, -though this could re-
create annually the acute prob-
lems of ** equalisation,” or
apportionment of last year's
strike costs, which caused diffi-
culties within the council earlier
this year.

Council -leaders will consider

The paper sets out a number the document further at their
of limited responsibilities for next meeting, in the hope of
tile local committees, including . achieving a consensus on the
assisting in education, recruit- issue.

This announcement appears as a matter of record only.

NEW ISSUE

.August 31, 1982

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-xi ■

1

1

g

s

Neither is it a scene from the
imagination of some sdence-fiction artist
(although we commissioned one
of Britain’s finest sci-fi artists to paint it).

It is what you would actually see
if the waters of the North Sea suddenly
became invisible

Silhouetted against a huge moon
are die four giant production platforms
that form the core of the Brent oilfield.

The Brent Field, operated by Shell,
lies far out to sea,rough!y halfway between
Scotland and Norway and about 100 miles
northeast of Shetland.

The painting shows (from left) die
production platforms Delta, Charlie, ■
Bravo and Alpha, each towering well over
700 feet above the seabed in its steel, or
concrete, socks.

They are built to withstand one-
hundred foot waves and winds gusting up
to 160 mph while continuing to collect oil
and gas, 24 hours a day from rock depths '
: lying some two miles beneath the sea-door

. ^ Floating in the far distance (bottom

right) is the drilling rig Stadrill, prospecting
ior oil in another part of die Brent Field

And riding the invisible seas with
contemptuous ease (top tight) is the
23,000 ton semi-submersible, pipe-laying
barge SemacI.

FLAGS: a major new gas-gathering

scheme in the North Sea.

used Semac I to lay one of the
world T s longest, largest, deepest undersea
pipelines. (The painting shows the pipe
being fed over die stem of die barge and
trailing down to the seabed.)

The pipeline is the backbone of a
major new North Sea gas-gatiiering
scheme known to the oil industry' as FLAGS:
Far Nortli Liquids & Associated Gas System.

•It wiU enable us to bring ashore die
substantial and hidierto untapped gas
reserves of Brent and odier oilfields in die
northern Nordi Sea. '

The FLAGS pipeline, 36"across and
w 7 made of steel coated with concrete, runs
: 280 miles along the seabed between the
Brent Field and St Fergus in Scodand.

Laying it was an astonisliing feat

The North Sea is no millpond It is
xquite the most hostile stretch of water die
oil and gas industry has ever tackled
;t Much of die pipeline was laid in

' ^ appalling weather: force 10 gales, diick

- : • fog rolling in the troughs between giant
' waves, zero visibility:

The FLAGS system will before long

- - be supplying some 1296 of Britain’s gas

needs. (The Brent Field already supplies
about an eighth of Britain's oil)

: V; . But neither statistics nor adjectives

‘ (nor the vastness of our operating costs)
can ever give you a real sense of die scale
and scope of our work in the North Sea.

The BtotEeM: an

. . The Brent Field, for instance, does
not simply consist of the four great
. platformsatrended by apipe-laying barge
, . and a drilling rig or two.

■ . • Several other giant structures (like

- the floating oil-storage and-loading facility
Sfiar) arenearbyAnd platforms maybe

: : attended by hotels’ (floating hotels) and
semi-submersible diving barges.

• ■ Tugs, tankers and supply boats ply

' thesur^e,dielatterbriiigingineverydiiiig
frbmdrin-pipe,cemeritforwelI-casingand
drilling mud to food and fuel

^7?V:>0hder-ttie surface, mini-subs and
- dr^bg-bells are at work. ‘While in the
r . .sjsajes, helicopters constantly come and go,

bringing in vital tools and flying drilling
crews and other technicians in and out.

Our platforms and rigs are crewed
by over 3,000 men, who manage to tuck
awaywell over 100 tons of food each week.

Power to keep die big platforms
working is generated by turbines similar
to those which fly large jet aircraft.

Computer banks continuously
receive and process information about
subsea oilwefis and die many working
"functions of each platform,key data being
relayed simultaneously to die platforms
and Shell headquarters in Aberdeen.

Hie cost of these operations is so
immense that it beggars description.

One way of putting it is diat Shells
expenditureindieNorth Sea lias amounted
to more than half a million poundsper
day; every day for die last eighteen years

When we add up our chequebook
stubs, our total investment to date works
out at more than MflOQ million in 1981
money: Those figures double when you ■
include the sums invested by us on behalf
of our partners.

Aconquestto rival the moon-landing.

Aldiqugh there are projects which
cost more, in terms of sheer technological
innovation there is no other achievement
on eardi to match the conquest of the
NorthSea. ; .

have pushed back die limits of
technology so far diat die only feat
-which invites comparison is otherworldly:
die placing of die first men on the moon
by NASA’s Apollo space programme:

As a matter of fact, the computer-
room that monitors our operations
has a great deal in common with that
famous control-room in Houston.

And Shell is proud
to be in die forefront of
an endeavour which only
twenty years ago. would
have been dismissed as
pure science-fiction.

You can be sure of Shelly

'

10

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it

f At last someone has had the
j courage to say . it. For a con-
: sidered vietf 1 of modern arehi-
l tecture in future we will know
where to look. We should sit at
1 the feet of the wise and
. learned Mr Owen Luder who is
none other than the president
of the Royal Institute of
British Architects. He has
broken through the baffling
bobble of (he critics, stifled the
screaming semiologists, attacked
the arguments of the academics.
In one bold stroke he has given
voice to the views of a whole
generation. It happened like
this.

He was standing In front of
the gleaming stiver model of the
entry by Richard Rogers for the
National Gallery competition
when the moment of illumina-
tion came. “This,” he said to a
5- large band of Press men who
s were by chance passings at the
_.._saine time, •' is a sod you build-
in

5 " It was a moment of truth. So
^that is It. The whole barbarous
point of so much modem archi-
tecture was suddenly made
only too clear. Architects have
all along been following the
Luder line and designing hor-
rible buildings Quite deliber-
ately. In the true spirit of
punk, modem buildings are
designed as deliberate insults, as
affronts, as crude and coarse ex-

Architecture/Colin Amery

A new critical language
of three-letter words

plertves that expose -the hideous
reality of modem life. And we
thought that they were all try-
ing to design agreeable, careful,
well mannered buildings that
you can And your way around.
Not so — architecture today is
out to abuse.

Of course many of us had a
faint suspicion that this might
be the case-^and it is a relief,
I can tell you, to know 'that at
last the elected leader of a pro-
fession that has so much

-influence on our lives has let

the scales fall from his eyes.
The effect on criticism will be
profound. When will the brave
President come out and admit
that many of the buildings
designed by members of his

institute can now strugie for

the ultimate accolade? When
will he dare to speak again and
name those buildings worthy of
the four-letter word Presidential
seal of approval?

The sudden gust of fresh air
into the stuffy corridors of
architectural criticism that has
blown from the top of the pro-
fessional tower block may be

..one of the reasons for 4he in-
credible popularity of the
exhibition of finalists at the
National Gallery. I suspect that
the Luder line — back your
favourite and forget profes-
sional reticence. let alone
impartiality — has so incensed
most thinking people that they
thought that this was one com-
petition that is far too important
to be left to the architects.

On the second day of the
exhibition more than 10,000
people crowded into the board
room of the gailery to see the
models and plans. Their views
will be taken into account by
the judges, and it is thrilling
that Londoners are now showing
that they really do care about
the look of their city. They
always have cared but competi-
tions do offer them a real
chance to have a view.

The views of the public
should be considered and the
competition is a little vague
about the status of these views.
All that matters is that they
are not biatently disregarded,
as they were during the Vaux-

-hall Cross site competition just
because they did not accord
with the views of the
developers.

I often wonder, as a rather
old hand at looking at archi-
tects* plans, models and pre-
sentations — what exactly the
man in the street makes of it
all. First of all models are
very misleading things. They
tend to show buildings as they
-are seen only by the Trafalgar
Square pigeons. If possible try
to look at them at eye level.
They also offer little clue about
materials. The street facade
of the excellent proposals by
Ahrends Burton and Koralek,
for example, has arched stone
panels which are to be made
of smooth Bach stone which
stand out in grid patterns
against the Portland Stone
walls. Think of the two colours
of the stone and you have some
idea of the suitability of the
facades for the Trafalgar Square
area.

Plans too never quite seem
to tell you enough. How do the
rooms for the next extension of

the Gallery relate to the old?
Again the ABK scheme with
grand barrel vaulted spaces
offers an enhanced dignity to
. galleries and seem to under-
stand the point of architectural
continuity — which is not the
same thing as copying or
pastiche. What will It be like
having a ..cup . of. .coff ee. -in the-
basement coffee room of this
scheme looking onto a sunken
garden? Will _tbe lifts and stairs
be adequate for the large num-
bers of visitors? Apart from
the feel of the building inside
and out and its relationship to
the Square — how well do an?
of the entries deal with the com-
plex conditions needed for
showing pictures?

The National Gallery is, after
all one of the few galleries in
the world where everything that
the gallery owns is on public
view, and this can cause prob-
lems. The technical conditions
are matters for the gallery and
the assessors. Publie views will
give perhaps subjective reac-
tions — but these are Important.
What the excitement and public
interest shows far more dearly
than the ludicrous comments of
the RIBA is how complex and
difficult it will be te make the
right choice. Making judgments
is more difficult thap Mr Luder
realises— kind though it was of
him to try and simplify the
critical climate.

EDINBURGH FESTIVAL

American Repertory Theatre
bring Lulu to the Lyceum;
below, new Japanese dance

-fc-

? Summer Music round-up

v - Max Loppert

Debussy’s cancer-ridden last all but impossible to co-ordinate,
j' years were spent obsessively Whatever the reason, -ihe effect
1 contemplating and slowly put- of these rough-cut gems —
J ring together but never complet- notably. Lady Madeline's two
j ing an Edgar Allan Poe opera, brief lyrical interspersions. the

■ The Fall of the House of Usher.
iWhen he died, there remained
> of the project only fragments,
^-some more substantial than
. others.

1 Since 1962, when- a facsimile
"of the most sizeable of the frag-
■jments was first published,
^various attempts have been
(made to present these tantalis-
ing scraps in as coherent and
sjperformable a version as pos-
sible. The BBC played its usual
alert part; Andrew Porter
- described on this page a 1977
Yale University reconstruction:
•and at about the same time the
J . Chilean composer Juan Allende-
-,BMn gathered together forche-
' strating what and where he
Adeemed necessary) a House of
'• Usher score. It was on this last
'that Sunday's London Sinfoni-
: etta presentation at the Festival
.Hall, in the Finale to the 1982
•South Bank Summer Music
f series, was based— this was,

1 apparently, the first live British

■ performance of La Chute de la
jmauon dVsher.

. Tantalising scraps indeed.
•Some doubt has already been

■ cast on the propriety of
j AUende-Blin's handling and

scoring; certainly, of the ten or
■ f so sections presented (inter-
1 spersed with a not entirely

■ happy spoken commentary by
"j the actress Cherie Lunghl) by
j Simon Rattle on Sunday even-

ing, M was easy enough w detect
■: moments sounding either
- faultily Debussyan Dr simply, in
all senses, sketchy. Biit tan-
•tali&ing also because sufficient
.v was disclosed of a dramatic
: r vision containing within itself a
-suffocating potency and distihet-
: ness to make one's regret at the
^ incompleteness of the work the
■< more intense — much of what we
-■ heard was impalpable, yet much
■^was keenly suggestive of a
\PeU6os operatic style grown yet
'leaner, sharper, and pyscho-
r logically more acute.

P An argument has been

charged neo-Musorgskian mono-
logue for Roderick, or, most
remarkably, the long milodrome
of the penultimate fragment —
was out of all proportion to
their length, even perhaps to
their immediate comprehensi-
bility.

The final fate of The Fall of
the House of Usher must remain
no more than this ; yet r should
be the last to complain of such
an experience, mesmerically
gripping, a vigorous stimulus to
tile imagination of all Debus-
syans — and, surely, others
beside them.

The purely musical portion
of Sunday's reading, supplied
with expert singing by Phtiippe
Huttenlocher (Roderick), a
radiant Jennifer Smith, (Lady
Madeline). Philip Langridge
(Doctor), and Ian Caddy (also
a brave French speaker, though
less than absolutely perfect, in
the Friend's mdlodrame). indi-
cated that tills work had"
received a closer degree of
rehearsal consideration from Mr
Rattle than the other works on
Sunday's bill — or, for that
matter, than most of the four
on the Siufonietta schedule the
previous Friday evening in the
Elizabeth Hall.

Mr Rattle has been spreading
his prodigious musical gifts
dangerously thin over the lest
fortnight. Sunday's accom-
paniment to the solo part of the
Mozart C minor concerto, K491
(with Annie Fischer a pianist
in whom visionary poetry and
nervous stumbling mixed with
unaccountable frequency), was
punctilious in support but im-
mature and characterless in
every other particular. Likewise,
Alfreda Hodgson's calmly mag-
isterial account of the Mahler
Kindcrfofentierfer on Friday was
sung to what sounded unhappily
like familiar, adept London-
orchestra sight-reading rather
than anything more meaningful.

Berg & Mahler/Albert Hall

David Murray

Wedekind's two Lulu plays
make an evening together that
□o company need be ashamed
of presenting, so it is hard to
see why Robert Bmteifl’s
American Repertory Company
at The Royal Lyceum Theatre
should take such steps to con-
ceal what they ere showing.
Changing mast of the charac-
ters' names is harmless; opera
librettists do it all the time.
But to hide the plot under a
fantastic conceit set first in a
photographer's studio, then .on
a film set, is nothing but
director’s arrogance.

The plot stays chiefly as
Wedekind left it, though
Michael Feingold's free-wheeling'
American dialogue is as differ-
ent -as could be. We start with
a short announcement in Ger-
man by Scboen, now called
Louis. B. Lebow, and then we
find Schwarz, now called Car-
bone, photographing Lulu, a
beautiful coloured ’ actress
named Catherine Slade. The
nhotos are projected on a big
screen that stands centre stage
and is used to present a good

deal of the -action, by. projcc-
tioo or by shadow-play.

Gall (Wedekind's Poll) has
heart failure when he - sur-.
prises Carbone and his model
in an embrace- So Lulu marries
Carbone, as it is her protector
Lebow’s obsession that she must
marry someone but certainly
not himself. Carbone jumps
from a 40-storey-high window
when he discovers Lulu's troe
character. All the subsequent
in fidelities turn up (including
one with a versifying Arab oil
man who rhymes with Mexico
With Texaco) Countess Gesch-
witz. now called Lady Swetthip.
makes her lesbian advances, and
Lulu finally shoots Lebow after
he has capitulated- to her de-
mands for marriage. A comic
policeman arrives at once and
.she spends the interval - in
prison.

The second play is given a
simpler shape to ensure a more
cohesive narrative. Alan Lebow
(formerly Aiwa) is directing a
film of the unhappy events that
end with Lulu’s murder by Jack
the Ripper, and by opting for

ciue-veriti? .-he lets us actually
see some straightforward action
going oil.: Not much, though,
for Leo. Breuer; the direefor, is
evidently against acting * s we
knbw it - The characters are
made to speak- through Hand-
'held nukes, which conceal hair
their - faces, - handicap.- t h« r
gestures, and - impose radio-
voices that neither sound like
- pro perl y^poken theatre speech,
'. nor always- seem -to. come from
the speaker’s direction. -
Most of the company make
little attempt st arting. but-Miss
Slade puts over a very attractive
performance, as Lulu, though
she has to . do -a lot of it with
her back to the house. The rest
is rartobn-play.- -
We saw in the ARTs other
production, Sgowirelle. that they
are quite capable of playing
with charm and ability - when
called on, but both that and
Ivlu suggest that, subtleties of
characterisation arc not among
the merits far which they choose
to be known. If this is charac-
teristic of advanced ideas in the
Eastern U.S., when standards of
acting arc in general improving
throughout the English -speaking
world. It is a sad thing. At least
we may be grateful that it hasn’t
yet infected the Long Wharf
Theatre in Newhaven, danger-
ously close to Vale, where this
company began.

B. A. YOUNG

Coming at the end of the
Mahler tradition as it does,
Berg’s Violin Concerto made an
odd sort of preface to Mahler's
First Symphony *in Saturday's
Prom. Salvatore Accardo was
the sterling soloist — technical
omni-competence, a suitable
sweetness of line, and the
unselfishness to choose the less
showy, more lyrical option in
the cadenza (which lets an orch-
estral viola or two relieve the
violin of half his difficult canon).
Claudio Abbado and the London
Symphony produced soignf
sound but too little tension in
the first movement. An increased
sense of purpose made itself
felt once the music entered its
more dramatic phases; one
rarely hears the rich horn parts
so finely shaped and prominently
effective.

was more refined than moving,
with even the elegiac- import of
the Finale taking second place
to its objectively fascinating
construction (superbly balanced
by Abbado). A similar cool-
ness was a greater disadvantage
in the Mahler First, where well-
engineered climaxes ■ in the
monster Finale — “ Dali * inferno
ai paradiso " — were no substi-

...was too little. In different ways*
the middle movements of this
young man’s symphony were
intended to be rawly disconcert-
ing. Abbado is probably too
sophisticated to capture the
.lusty peasant thudding, of the
Landler with a clear conscience^
and the strident jeer that waits
behind the mock funeral march

All the same, tiie performance Of deliberate roughness there

tute for the reckless involve-. op_ *' Fr&re Jacques " was .firmly I

repressed. (The whole point of
the initial double-bass solo is to
sound weird and strangulated;
here it was played rather beau-
tifully — and the quick-march
eruptions of malicious glee were
made almost suave.) In short,
rhe glaring poster-colours of the
symphony were turned into
decorous hues. Plenty of cal-
culated drive, tittle real bite;

I wished Abbado were conduct-
ing the Fourth Symphony
instead.

meat it demands. And in fact it
took a long time here for the
LSO to get anywhere near its
best, form: for the opening
pages of the symphony Abbado
secured the perfect sound, a
kind of teeming stillness, and
yet the -woodwinds who drop the
“ motto " across it botched
their unison almost every time.
Ensemble playing was most un-
characteristically rough.

Obituary/Ingrid Bergman

Michael Coveney

Ingrid Bergman, who has died
aged 67 following a long illness,
was one of Hollywood’s biggest
and most popular stars. like
Greta Garbo, she was bom in
Stockholm, but comparisons
with her compatriot end there.
Bergman was an actress of
great natural charm and trans-
parent freshness. From the
moment she starred opposite
LesKe Howard in Intermezzo ; A'
Lore Story m 1939, her Holly-
wood debut, she was renowned
for her lack of both sophistica-
tion and make-up.

t r . advanced that Debussy's crucial Sunday's Stravinsky Symphony

S fviA.Wil it«r t a molrn mnrn than rtf Pcnlm c f unth a T jsnil/iti

■erratic headway on rhe task was
Ijin major part determined by
■;the shape and nature of his own
Poe libretto — in which large
ieftanges of direction (occasioned
j perhaps by his own close
'identification with Roderick
*Usher) left a properly weighted
•or balanced dramatic unfolding

Chora] Society) was thoroughly
unsatisfactory; the Szymanowski
Stabat Mater on Friday (with
the Sinfonietta Voices) was no
more than a hint of what this
marvellously talented young
conductor can do when his full
sympathies are sensibly
engaged.

That film was about marital
infidelity and prefigured the
storm of righteous publicity
that surrounded her liaison
with the Italian film director
Roberto Rossellini. After film-
ing Strcmboli with him in 1950,
she gave birth to a child though,
at that time, the couple were
unmarried. Rossellini became
her second husband. She was
married three titties and
divorced three times.

During the war years she
enjoyed remarkable success,
playing with most of the leading
men of the day. With Humphrey
jBogartfin Casablanca (1942) she

secured enduring fame, emoting
tearfully by the piano “As
Time Goes By"; her love scene
with Gary Cooper (“Did you
not feel the earth moving?")
in For Whom the Bell Tolls
(2943) prompted James Agee
to praise her blend of poetic
grace and quiet realism: and,
opposite Charles Boyer in Gas-
light (1944). she won the first
of her three Oscars.

In the following two years
she began her fruitful collabora-
tion with Alfred Hitchcock, star-
ring with Gregory Peck in Spell-
bound and with Cary Grant (one
of her staunchest friends during
the later period of Hollywood
ostracism) in Notorious. She
was forgiven by Hollywood on
her come-back in 1957 with
Anastasia, for which she col-
lected a second Oscar.

She will be affectionately
remembered, too, for The Iftn
of the Sixth Happiness (1953)
in which she played a Chinese
missionary, and for guest
appearances In The Yellow
Rolls-Royce (1964) and Murder
on the Orient Express (1974).
She enjoyed a great succes
d’estime in Ingmar Bergman's
Autumn Sonata (1978), a long-

awaited and brilliant union with
her .namesake.

Her last role was as Golda
Meir in a film premiered this
year on American television.
She remained an avid theatre
goer while resident in London
for the last years of her life.
In Britain, she appeared in the
opening production of the
Yvonne Aroaud Theatre in
Guildford in 1965 in a revival
of Turgenev's A Month in the
Country. Her last stage
appearance was in N. C.
Hunter's Waters of the Moon
at the Haymarket Theatre in
1978. She had four children.

Miss Bergman bad also been
seen in recent London revivals
of Shaw's Captain Brass bound's
Conoersion in 1971 and
Maugham's The Constant Wife
in 1975. Her star quality may
have been more apparent than
any great technical precision in
these roles, but she remained a
figure of style and un-
ostentatious glamour in the eyes
of . loyal and affectionate
audiences. Earlier this year,
following her third illness
through cancer, she had a
mastectomy operation. She had
suffered with the disease since
1974k

The Dream of -the Boy with dm Shaven Head

Sankai Juku/Music Hall

B. A. Young

This is where I reveal myself
as a Philistine. My excuse must
be thaat Butoh, the new form
of Japanese dance practised by
Ushio Amagatsu and his Sankai
Juku company last week in the
Music Hall, "abjures thought,
expression and language." The
Pattern is consciously opposed
not only to existing Japanese
dance traditions but to Western
traditions as well.

In a performance of Kinkan
Shonen ("The Cumquat Seed ”)
which specifically announces
what., the scenes represent,
where does this leave us? Lex
me try to describe some of what
I have seen. -First, "The Stir-
ring of Memory." A dancer
clothed in modern dress but
covered all over in white chalk,
stands before what I take to
be a mirror. He yawns, then
falls suddenly on his back,
repeatedly he moves to a- pile
of chalk dust, inhales some and
spits it out again.

"The supreme Solemnity oE
Ritual.” Four figures enter,
their faces covered with shape-
less masks, long skirts of

grubby canvas trailing about
their feet. They make very slow
gestures with their arms, seem-
ingly to direct especial atten-
tion to their spread fingers.
When they turn to leave the
stage, their skirts fall below
their bottoms and they per-
formed what in the worst would
be recognised as a bump-and-
grind movement.

“The Vanity of Nature.” A
figure enters holding a live pea-
cock. in his arms; he moves its
neck into a new po=ifion. Then
he swings it so that it is perchr
ing on his back, from v.-hich it
soon hops off. but stays on the
stage the rest of the evening.
In a later scene, where r.vo men
stand in spotlights- and a third
spot remains empty, the bird
magically goes and takes its
place there. .

All the movements are car-
ried out very slowly and very
often, so that by Western
standards the performance
seems tedious, though ' the
Japanese, whose theatre tradi-
tions includes Tong, slow move-

ment, may find it different. On?
scene. " The Place of Capture."
involves a dancer hanging up-
side down more or less motion-
less for an immense time.

I confess that i did no; find
the movements graceful or ex-
citing. Certainly there were
beautiful pictures made as the
while figures moved under their
spots before a screen decorated
with l .5du dried tuna fish (ails,
a symbol of visceral expression.

I was impressed by ihe clear
physical fitness that must have
been needed for some of the
routines. But I was never
moved.

In “The Crceking Laugh"
I’shio Aruagatsu stumps around
the stace, his knees drawn up
to his chesi under a short robe,
looking like a. dwarf, while the
bagpipes play on the tape — a
feature the Scots evidently
resented, for whole clans of
them began to move towards
rhe exit Amasatsu's face indi-
cates a permanent laush despite
bis discomfort. I couldn't help
wondering if he was laughing at *
us.

THEATRES

IBHY. Ak-toiMj. S *36 3S7*. CC BiO
_5Z-379 6565. Crj fafco* ■» 3092-
136. 3962. Eves 7-30. TlMir & fct M»!

ajn jhq*. t*«a t ■>»>■ v S|E Mi lt

i 3.00. OLIVER COTTON ELIZABETH
QUINN CHILDREN OF A LESSER GOD.
•> pEaY OF THE YEAR SWET 19B1.
1 ELIZABETH QUINN ACTRESS OF THE
< YEAR In • n*W Rl»Y SWET 1911,

ALDWYCH. BOX Offle* 01-BM 6*M.
RedUCM ^ *2“?.

Z . . ..ZJIP

SAT5 5.0 A 6.30. 1
Tori COURTENAY.

ANDY CAM*., Dir
Muitiv Credit
9232,38 limat. ReOu
01.839 2751 ■

BARBICAN HALL. Barbican Centra EC2.
CC OT-658 8891. Res 01-628 B79S.

Ton't 7.30pm, I Muslel. Rossinli Sonata
No I In G malar. DonUettl: Concerto
In D minor for violin, cello and strings.
(PsMiule PelLegrlno violin. Vito Rater-
nosier cello.) Respighi: AnUche Daiue •
Arle Suite No 3. Vivaldi: The Four
Seasons. (Pina Car ml relll violin). Harrison)
Parrot Ltd. Frl 7.30pm. Blsralllah Khan.
BaaJI Douglas Ltd.

CHICHESTER FESTIVAL THEATRE. 0243
781312. Season sponsored hv Martin) 8>
Resil Ltd. GOODBYE MR. CHIPS Toot
7.30.

REDUCED PRICE PREVIEWS FROM FRI
S EPT 17 EVGS 7.30 MATS WED UO
■SCt the NEW MUSICAL

AY. ALAN PRICE in
Directed Braham

card Horllncf , 0 >.-930
Reduced group bookings

AM BAG
' MIC)

A DORS. S CC 836 1171- Grp.
Ml« a79 6061. Tkt» £6. £0. £5.50.

S SO £4. C3. Sue* B. TODAY Mat 3.0
• * iat Mat 9.0. OVER 300 PEHFORM-
’ANCM Helene moT* M CHARING
- CROSS ROADi with Doreen Mantle.
1 Ronnie Stevens.

( , : —

'APOLLO. Shaftesbury Ave. CC. 01 -4S7
Z663 Credit and Hotline 01 -93Q 92S2.
I'ff-n Fri Evb> 8-0- Mat Wed 1.0. Sat
1 W"; , so* B AUtN AYCKBOURN'S new
ttMOrf* <WEETIN<a.

COLISEUM. S 836 3161. CC 240 5258.
SNGLI5H NATIONAL OPERA Ttiur. Sat
7.00 CARMEN. Frl 7.30 THE BARBER
OF SEVILLE. Some Mats avail at doom
each dav.

HAYMARKET THEATRE ROYAL. 830
9832. From Sent 7 LEONARD ROSSI ren
MEL MARTIN. STEPHAN CHASE In
THE RULE5 OF THE CAME Bv Ldlgl
Plrendeiio. Directed be Anthony Quayia-

HER MAJESTY'S. 01-930 6606-7. Credit
card Hotline* 930 9232 8 930 A025-6.
Group sales 379 6061. Eves 7.30. Set
mat 3.0. THE NATIONAL THEATRE'S
MULTI-AWARD WINNING INTER-
NATIONAL SMASH-HIT FRANK
FINLAY In AMADEUS by PETER
SHAFFER directed fry PETER NALL with

Nlckolas Grice. MUST END OCT. 1.

NEW LONDON. CC. Drury Lane. WC2
01-405 0072 or 01-404 4079. Cvs 7-45
Tues and Sat 3.0 & 7.4S. The Andrew
Lloyd -Webber -T. S. Eliot Award Winnie
musical CATS. Group booklnos 01-4OL
1567 or 01-379 6061. LATECOMERS
NOT AOMITTED WHILE AUDITORIUM
IS IN MOTION. PLEA5E BE PROMPT.
NOW BOOKING TILL JULY 1983.

COMEDY THEATRE. S 930 2578. Credit
card booklnos 939 1438. Gro Sains 379
6061. Mon-Fri 8.00. Sat 6.(5. Macs
Thur 3. Sat 5-15. price L2-50-E7.00
(not suitable ' For children). STEAMING
by NELL DUNN. COMEDY OF THE
YEAR SWET AWARDS 1881. NOW IN
ITS SECOND YEAR. Pre-show supper it
Cafe Royal plus stall seat only S9,op,
Mon-Thun.

■‘APOLLO VICTORIA (OOP Victoria J**|
‘MUST E NO SEPTEMBER 1®

‘ SOUND OF MUSIC prrilLA CLARK.
-1 12™ 7J0. Mats Wed 4 Sat 2-3Q. B<*
’■ orfice iDam-Bpm in Bersonlphone/pMt
.1 4SA(. HOT LINES 01-828 8*65/6/7.
a Credit Cards 01 -834. 6919/6164.
* fiSiMa 01-200 0200 Z4-hr service.

-I vfic INC SAT. LAST x WE6R5.

MATINEE TOMORROW AT —30

! TICKETS AVAILABLE AT DOORS.

CRITERION. S Air-eand. 930 3216. tC
379 6SGS. Gro reduction 836 3962.
Mon U> Thur 7.30. Frl 6 Sat 6-OQ A
8.45. Over 400 performances. DARIO
FO'S COMEDY CANT PAY7 WONT
PAYI Students all lean £3,30.

KINGS HEAD. 226 -1916. Tlf Sail Onr 7,
Show 8 I'M JUST WILDE ABOUT
OSCAR a muslCMl by Penny Faith 6
Howard Samuels.

6 to 25 Sept One Man Show NHL
IHNES.

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD In the Broadway

Musical BARNUM. Evps 7.30. Mat Wad

and Sat 2.45. Use the parnum Hotlines

01-437 3055. 01-734 8981 lor Instant

credit Card reservations. MATINEE
TOMORROW 2-45 SEATS AT DOORS.

NOW BOOKING TO FEBRUARY 5 19B3.

PALACE. CC 01-437 6834. CC Hotline
437 8377. Andrew Llovd -Webber* a song
AND DANCE. Starring GEMMA CRAVEN
A WAYNE SLEEP. Due to overwhelming
demand now booking to Jin. 1983.
Evgs 8.0. Fn A Sat S.45 & 8.30. Some
good Mats . still available moat parts.
Group sales 437 8834. 379 6061.

PICCADILLY. S. Afr-cond. 437 4066. CC
379 5656- Grove sales 01-836 3962-
379 6061. Mon-Fri 7.30- Mata Wed 3.0.

S-SP.fi Student* £3 JO. Plays

Bank Holiday Mon. Aug. 30. royal
SHAKESPEARE COMPANY In Willy
RuewIPy now comedy EDUCATING RITA.
RSC also at Barbican.

DON MAR WAREHOUSE, Earl ham Street.
Covent Gdn. S CC frfc* Info 01-636 107U
379 6S6S: Evgs 7.30. Mat. Sat 2.0
sharp. HAMLET with Anion Lesser. DIR.
BY JONATHAN MILLER.

DRURY LANE Theatre Royal. CC 01-836
8108. Grp sale* 379 6061. TIM .CURRY,
PAM8LA STEPHENSON. GEORGE COLE.
ANNIE ROSS in THE PIRATES OF
PENZANCE. Eves 7.30. -Met Wad A
Sat 3.0. Credit card Hotline 930 9232.

APOLLO VICTORIA. fl1 ', 8 5f Mc g 17 V
• ■ if HARD HAJRRlS In LERNER w
J LOEWS'S CAMELOT. CREDIT CAROS
.. Q?.«! S 8s1s. M „GROUP SALES 01.379

ibsT.' LTD.' SEASONI
MAY 7 ONLY.

'■ 7™«j5ir5) Mat. avail today l tonw

few‘dav''JaaS'Tj.OO mini
fSf m THE Vn lS y t 7 JO A DOLL'S
unlit, by Henrik Ibftn (run. Shryj.
rS: alao at Piccadilly.

GARRICK. CC B36 4601. Eves 8- Mar
Wed 3. Sat S & 6. 12th HYSTERICAL
YEAR OF THE LONGEST-RUNNING
COMEDY IN THE WORLO. , NO SEX
PLEASE WE'RE BRITISH. Directed, by
Allan Pavft. Group safes Box Office 379
6061. C redit ca rd bookings 930 9232.

GLOBE THEATRE. 01-437 1592. CC
Hotline 930 9232- Grp sale* 379 6061.
Evgi Mon-Frl 8.0. Wed! maL. 3.0. Sets
5.0 A 8.30. MARIA AITKIN. IAN
aGiLvY. GARY BOND In Noe) Coward's
DESIGN FOR LIVING with ROLAND
CURRAM. Directed fry Alan Strachan.

LYRIC HAMMQttMITH. 5 CC 61-741
2311, 01-200 0200 (24 hrs). £v9* 7,M-
Thifrs mar 2.30. Sat 4,30 * 6.1S SHE
STOOPS TO CONQUER. Oliver GoW-
smlth's comedy- Directed fry William
GaMII).

lyric THEATRE. JhaftertuiY Aye. Box
Office 437 3688. T«I. Credit, card
bkgs accepted. GLENDA JACKSON,
GEORGINA HALE In SUMMIT CON-
FERENCE. A new play fry Robert David
MacDonald. Evp 8.0. Mats Wed 3.0.
San S.O.

MAY FAIR. S CC 629 3036. Mon-Thurl
8.00. FN and Sat 6 A 8.30. Richard
Todd. Derrcn Nesbitt, Carole Mowlam In
THE BUSINESS OF MURDER. SECOND
GREAT- YEAR-

HAYMARKET THEATRE ROYAL.
9852. Grp

950

__ Mies 379 6061. PINAL

WEEK. Evof 7-30. Mats Wed 2.30. Sats

4.0. DONALD SINDEN, PRANCES DE LA

TOUR. RONALD PICKUP. SHEILA GISH.

BILL FRASER. MARGARET RAWLINGS.
FRIDA JACKSON. HARRY ANDREWS
In UNCLE VANYA bv Anton Chekhov.
Directed fry Christ ootiar Fette*.

NATIONAL THEATRE. S. 928 2252.

OLIVIER (open stspej Today z.ao (law
price mat! A 7.ts GUYS AND DOLLS
Tumor 7.1 S DANTON'S DEATH.

LYTTELTON Iprotcenlum stsgcl Ton't
7 .45. Tomor 3.00 (low prfee mat) A
7.45 WAY UPSTREAM bv Ayckbourn.
COTTE5LOE (imali auditorium — low price
tirts). Frl'* Preview Cancelled. P*e*lew
Sat 7.30 THE SPANISH TRAGEDY fry
Kvd-

E* cel lent cheap Mats alp s theatric and

STANDBY In OHrler/Lmeitan from 10*m
on day. Car Bark. Restaurant B2B 2033.
Credit card bfcM 928 593 3-
NT also at HER MAJESTY'S.

PRINCE EDWARD. Tim Rlee and Andrew
Lloyd-Webber 1 ! KVITA. Dir. fry Hal
Prince. Em 6.0. Low price mats
Thur A Sat 3-0- Evgs peris end io.is.
Box Office 437 6877. CC Hotlines 439
8499. Grp sales 379 6061 or Box Office
Inst 24 -hr bkgs. teledata 01-200 0200.

prince of wales theatre. 930

8681. CC Hotline 930 0846 or Tcledata
01-200 0200 (24 hr fakos) oroup sales
01.379 6061 or bookings on entry. ROY
HUDD. CHRISTOPHER TIMOTHY In
UNDERNEATH THE ARCHES. The smash
hit fomirv musreaf. Mon -Thur 7 JO. Frf
& Sat 5.15 4, B. 30. SPECIAL RATE £4
ANY TICKET, children, OAPs. student?!
Mon-Thor A Frl s .15.

QUEEN'S. SCC 01-734 116 6, 439 3849.
4031. Credit card 01-930 9232. Group
sales 01-370 6081. Evenings a. 00. Mat
Wed 341, Sat 3.30 » 8.3Q. ANOTHER
.COUNTRY by Julian MlKhyll.

RAYMOND REVUUAJt. CC 01-734 1693.
Mon-Sat niphtly 7pm. Opm. 11 pm. PAUL
RAYMOND presents THE FESTIVAL Or
EXOTICA, Special concession to members
of HM Armed Forces. Admission £1-00
to any 7 pm peri. 23th sensational year.

ROYAL COURT. S. CC. 730 1745. TOP
GIRLS Or Caryl. ChunMIt. Free Ton't
8.0. Opens Tomor 7.0. Sub Evgs 8-0-

ROYAL COURT THtAlKt ur.i.i.,
730 2554. SALONIKA bv Loutle Pad*.
Last Weak. Evgs 7.30. . .

ROYAL FESTIVAL HALL. Q1-928 3191,
CC 01-928 6644-3. LONDON FESTIVAL
BALLET Ton't 7,30- Sat 3.00 i, 8.30
L> Sylph Ida (Ton't EvodlnkovaiSchaufus*
Lancnj.

ROYAL OPERA HOUSE COVENT GARDEN
S 240 1066. Access Visa 886 6903.
10 im-SJB pm (Mon-Fri). 42-83 season
open* with DER RING N88 NIBCLUN-
GEN. First perl Men Sept 6. TJrts avail
from £10.

SADLER'S WELLS THEATRE 1CT. CC 01-
278 8916 (5 lines). 24hr Instant bkg
01-200 0200. Grp Sales 01-379 6061.

From Tomor end! IT September
SADLER'S WELLS ROYAL BALLET
Tomer 7.30 (World Premiere). Ther 7.J0j
The Swan of Tuonela.

3rd Dance Subscription now opan Ting
01-278 0855 (24 hn) tor brochure.
AMPLE FREE PARKING aft 6.30 pm.

SAVOY. 5 SI-636 8888. CC 930 M3Z-
Evening! 7.45. Mats Wed 2-30. _,S»t
S.O. 8.30. MICHAEL FRAYN'S NEW
COMEDY NOISES OFF. Directed fry
•MICHAEL BLAKEMQRE.

ST. MARTIN'S. CC 838 1443. Eras a.
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F.T. CROSSWORD
PUZZLE No. 4J61

ACROSS

1 Past history in a stout book?

( 6 ) •

4 Angry at having no score In
the set piece from Norway
(4,4)

9 Fine for sh e-donkey? (6)

10 Tree-moss spreading in the
county (8)

12 Think deeply about master-
piece carrying scents (8)

13 Dance spelling farewell to
part-time soldiers (6)

15 Offhand and breezy (4)

16 Coming from Douglas, say.
it does not occur naturally
(34)

.20 Tailless pig fellow finds near
the- White Horse (7)

21 Cruel knock-down? (4)

25 Shrinks with fear like bob-
white family (6)

26 In France, Tom takes waters
for keeps (8)

28 Sunken design of oil-giant
dispelled (8)

29 Florentines who did not
finish course of tablets? (6)

30 Demanding much former
playing (8)

31 Nothing to pinch, like bones

( 8 )

DOWN

1 Harvest fruit in show again

( 8 )

2 Ready money and nothing
more for fine wool (S)

2. Revolting swelling (6)

5 Imago of defaced coin (4)

6 Intransigents did share out
( 8 )

7 Overcoat for northern coun-
ties? (6)

8 CricJtei gear lio.'d-all for (he
smiling Packer? (S-3)

II Stays behind when seminar
breaks up (7)

14 Common slick type, timid
about what is debstable (7)

17 Hooter not important at
dusk (3-5)

18 Having the soothing qualit?
of Dee vista perhaps (S)

■«

19 Linen-producer employs
slack number in glut (4-4)

22 Escort becoming risqufi (fi)

23 Mediator's object-word is
almost -4 snare for tres-
passers (5)

24 City of Inver? under a ter-
raced opening (6)

2* Bering sounding average

The solution to last Salur-
rfa£s prize puzzle vflj be
published with names of
winners next Saturday.

\r

•0

77

Financial Times Tuesday August 31 1982

TECHNOLOGY

EDITED BY ALAN CANE

Canon’s new range designed for the low volume user

Personal comers without maintenance

l ^ ■

The good news is

FERRANTI

Selling technology

BY ELAINE WILLIAMS

Tomorrow Canon, the Japanese
business equipment and con-
sumer electronics company
launches a revolutionary range
of photocopying machines aimed
at the small user.

Canon says the new range of
personal copiers eliminates the
reed for maintenance by service
representatives.

Anyone who has been faced
with the problem of hunting
around the office nn a Friday
afternoon to find a working
machine will appreciale Canon's
claim.

The problem of mainiajnin^
these complex bits of machinery
has been a major barrier to ihe
use of plain paper copiers by
the small user wilh low volume
needs.

Canon's new range of plain
paper copiers fit on the desk and
have disposable parts. They
have features which are as
sophisticated as larger machines
but are far cheaper. Prices will
be in the region of £t>un.

By entering the low cost end
of the market Canon comperes
against coated paper copying
machines produced by com-
panies such as 3M and Pitney
Bowes. Until now only coated
paper copiers using sensitised
paper have been priced low
enough to attract the small
user.

There are two models in the

Personal Copier range — the
PC 10 and the FC20. Canon
claims that the PC10, which is
manually fed. is the smallest of
its type in the world. The PC2Q
is slightly taller to accommo-
date a plain paper cassette to
allow continuous copy feed.

Both microcomputer con-
trolled machines will pre-
produce copies on to non-
sen s-iii sod paper ranging from
air-mail thickness to card. A
floating pressure-sensitive roller
automatically adjusts to cope
with varying paper thicknesses.

Particles

In addition, the machines can
accept metal surfaces and will
also copy on to film for over-
head projection and audio
visual aids.

All plain paper copiers oper-
ate on the same principle.
Using a lens and focusing
arrangement the ini3ge of the
writing on the paper to be
copied is stored temporarily on
a photosensitive drum. Tiny
particles oF ink stick to the
drum — which has become elec-
trically charged.

The ink is then transferred to
a plain sheet of paper as it
passes under the drum. The ink
is then fixed by heating. Canon
says that the copter is quite
economical to run as it re-

Fire sprinklers

emory’ metal

shows promise

BY MAX COMMANDER

NITINOL. a nickel-titanium
alloy, is a rather unusual metal.
It has been called the one with
a- memory becauses it can
expand or contract when heated
and return to its original shape
when cooled.

Now, researchers at Batteile
Columbus Laboratories in Ohio
have incorporated the metal
into a prototype fire sprinkler.

Robert C.eoghegan, one of
two people heading the Batteile
study team, fold me that there
has been concern in the U.S.
over the response time for
domestic fire sprinklers. Most
were slow to Teact until the
heat had reached a point where
the low temperature solder
melted and thus actuated the
sprinkler.

While there are not many
homes in the UK with
sprinklers, the research could
well be of use for offices, public
buildings, palaces, whatever.

The research at Batteile has
concentrated on using Nitinol
as a heat sensor component
within the sprinklers so that it
can be turned on or off at pre-
specified temperatures.

The researchers say fand this
sounds more of a job for a
midwife) the contraction of the
metal releases the water.

The prototype as an "on
only” sprinkler head has
undergone tests at a room
fire with sensitivity tests. These
measured the response time in
a 12 ft by 24 ft wood-panelled
room with furniture. Eye level
temperatures, the laboratory
claims, did not exceed
85 degrees.

Banelie researchers have also
designed an ofl-on sprinkler to
automatically stop the water
flow after the fire beat drops,
basically to prevent water
damage after the fire.

The whole system is still at
prototype and report stage and
there are no plans at the
moment for production, but
people in the field in the UK
might like to ask for the report
that will be passed to the U.S.
Government.

People to talk to are Ilene
Zeldin or Bob Geoghegan.
Batteile is at 505. King Avenue,
Columbus, Ohio 1614 424 7728).

The AMT orbital threading machine.

Metal threading

Heavy duty design

from Birmingham

DESIGNED FOR heavy duty
applications -uch a; large pipes
axle castings, pipeline valve
bodies, where rotation of the
component for conventional
threading is undesirable
because of its size or configura-
tion, this Orbilhread. orbital
threading machine has been
designed by AMT of Birming-
ham.

The machine clamps the
component so that it is
stationary throughout the
thread-milling operation. It is
offered in single or doubled
opposed head versions each
capable of threading com-
ponents up to 12 and 14 in
inside diameter.

A standard machine consists
of a single spindle head fitted
on slidewsys with a cross facing
attachment mounted onto the
main spindle hose. The cross
facing movement is achieved by
a hydraulic cyclinder opera ting

through the hollow main
spindle.

Attached to the slide on the
cross facing head is the work-
spindle which carries the thread
milling cutter. The spindle is
driven through a reduction box
by a 2 hp motor. The cross side
on the facing head can be set to
adjustable dead stops for the
required diameter while a pro-
gressive feed deals with the
required depth of thread.

The ospiu spindle, wji] then
rotate for just over one rotation
to reach cutting cycle, thus
ensuring complete orbital
thread milling together with
cutter feed in-

This is just a brief descrip-
tion of something coming out of
Birmingham, but if you’re
interested In orbital threading
machines the man to talk to Is
Mr Graham Mallabond. He's
available at AMT Birmingham.
50, Cato Street, Birmingham
(021-359 0272),

quires only moderate heat for
fixing. It takes about 20
seconds to warm up the copier
so that the machine does not
need to be left on all day.

The copier is built around a
disposable cartridge containing
a photosensitive drum, develop-
ment and toner assembly and
ail i he other parts which wear
oui in such a machine.

After about 2.000 copies have
bon made, the cartridge is
thrown away. Based on the
prices announced in Japan, a
cartridge would cost about Sl^O
ro replace. Canon says that
eventually prices would be less
than 10 per cent of the new
machines.

Mr Fnjin Mitarai. President of
the company's U.S. subsidiary,
said that the company aimed to
reach production levels of
20.000 a month during the first
year.

It hopes to sell 50 per cent of
if* output in the U.S. by The
end of next year. Initially how-
ever. the emphasis will be on
home Japanese sales with over-
seas introduction beginning in
November. Eventually, exports
are forecast to stow to 70 per
cent of total product-ion.

Marker analysts in the U.S.
believe that the cost of the
copier will be crucial to its
success, especially the price of
the disposable units.

Exposure Lamp Copy Board

BRITISH Aerospace Dynamics
has demonstrated a, prototype
stabiliser for. hand-held laser
range-finders. The system^

_ intended for military. ftpplicu-
Hons, is intended for soldiers
with shaking bands.. :

The system helps the opexa-
tor hold the laser beam on.
target for the abort- - time
required to measure Its range.

: Without stkblllsatioir for a
cumbersome tripod mounting;
St Is not easy to get - the
correct range.'

British Aerospace has pro-
duced the prototype stabiliser
for helicopter trials. More
information on- 0438 2422. /

to 9720 :1 as standard bat
other ratios are available, if _
.. required. More, on .0734- f
261485.

Machine tools - '

Profile

cutter

PhotosensiUve
I Drum I

Cleaner Developer

Unit

Gearboxes i.

Alignment Roller

I Paper Oultet-

- PC Cartridge -

. PaperFeeding
Ares ]

Chinese method speeds wine maturity

Improved

torque*

r SHAPECUT Machines of s£-

- Reading has ' introduced a
co-ordinate drive line follow-

• ing profile cotter designated

- the Copycat 300tt- There are
two sizes with tracing widths
«f 50 or GO inches and catting
widths of 60 or 80 inches, f • i

" Details on 0734 696565.

As a keen home wine brewer,
I am often impatient about
waiting months for my wine
to mature. Chinese com-
mercial wine-makers seem to
have the same problem.

However, technologists

there claim to be able to cot
the maturing time down from
months to a mere 12 minutes
by the use of an electronic
device which emits hlgh-
Ireqnency radio waves, ultra-
sonic sound and ultraviolet
light

Apparently this combina-
tion drives rite harsh and
astringent flavours out of new
wines. About two dozen wine
companies in China have .
obtained good results with the
device which costs around
$ 10 , 000 .

LOOKING for a precision
reduction gearbox?; Portescap
of Rending has introduced a
new model In its RGl range
with an .improved torque
capacity compared- with ;■ its

existing models.

The.RGl/9 is designed to
operate with all Escap motors
In the company’s: 23. 26, 28
and 34 series. . It offers 13 -
redaction, ratios .from. 5,5: 1

Valves

INew range

-A hew range of shot metering (
.-. valves to handle high viscos- |
substances has been.

1 announced by Kent-Moore UK.

The company is at StoekfieWL
-yjRoad, Acocks Green, Birming-
ham (C21-7B7 695S).

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Financial Times Tuesday -daignst 31

HE M^&GEMENT PAGE : Small Business

EDITED BYICHRISTOPHEB

Big company experience
finds a smaller home

1m Diclcsbn on hov^G^ opened up

a new career for a redundant electronics engineer ;

0 years ago Pat Brady -.Gwen the independent spirit, grown significantly and -th*
Lid never have dreamt that not to mention the downright company’s order book is .full •

irould

e would end up working in a stubbornness * of many' Small well into the second quarter
nail firm. busihess proprietors “ Expand of next year. ■

A lifetime with big business, a Firm ” anight to some people Brady has also started a
ter ,aiU .is a •hard- habit .to. , sound- . like a recipe for. modest and. informal, training
reak^iid' though he had* just ' managerial strife.' .'. - ^ m Kf . ; pYo£i3tin$& giwiig-.thfgfi eathu-
ran made redundant by : .- Based os the experiences -Of .* sinstic
—'rancis Industries at Wrexham, feirady ‘and his new boss ’Jiffi ’ -onder- air MSC programme^ the,-
pie thought he would have little Robertson, however, the scheme benefit of tus experience, Jde
difficulty 'finding'- a new: job. ' _Kajs‘.-‘ not i .'only... '.oopjtiibuted • has-been pyeparea:- to muck in ■
K Fifty. ; three interviews, and. six significantly . to . at least one. wbrtf the flexible hours-
months later. Off 55-ye&r~o3d flrrir's" 'prosperity bui r -given " often ijetessary in a small com- ■
lectxlcall andi electronics* «n-' someone- otherwise destined £or ■ pany.' 1 add? • Robertson- You
lineer. realised his mistake. . the" executive' scrapfieap a new 'don’t meet -loo many -like that
Lil* sb ' many - executive ; lease- of -'working Efe. , ■: r.V.'y '* .Mg ^company! background,
icrims of the current recession Looking back to Brady’s I woijldat say that we ve had
Jradv travelled the country— arrival 15 months ago, Robert- disagFebmeiUS - as_Sucn though
iteraily. He .visited companies son concedes that it was a relief *t obviously took Pat a while to-
Tom .-the •‘tforth - ofi ■ ScbUind td'Vtfen.* Vic -Owens,' head -oCti* -8®t -used. to. this, environment.* -
he South . Coast -of. England' "Wejsh Development" Agency" s' 'There s ■ no big brother around-
n search ' of - a' -new career: ’Small business .'Unit -tA, North?. .hpre .if you -.want something,. •
Iccasionall* V was shortlisted Wales asked him if Dee would you ve got. to earn it -firsL- -
ut invariably tie was pipped at like to participate. “ „

he post. , Originally a simple merchant- U p||pf

’ Today^-thanks.’- td : a ; .Tiftle;. ing - operation which ■ Rohertfeon-.- .AVwtlv* .
lublifiised . Government backed ?ct up. .‘in .'1977 after losing _ " tw

chenae— Brady is the proud and interest- in -his-aefling- job with--

nthiisfeStic head of engineering a Birmingham company..Dee has ak-tSSSikt -

-f Dee Electronics, a small since specialised in the design '

ngjheering -business in North and- manufacture of electronic ' a J h3?tv

Vales which is just under five control equipment, foe products .Jh* 1 ^

ears old and employs 28 as diverse as' washing machines, d0f the: f hings I was doin 0

rgely semi-skilled people at a domestic heating appliances tll _

Queens- - and domestic and . industrial ^. ee ° De °* „ tbe •

alarm systems. The first year’s differences between big and ..

' turnover of £45000 was doubled ts the «Pe«? at whicb w f :

in rear two. and. .has since have to turn things round. A

grown at a ‘steady 20-30- per company can ring up and say

cent' a that * ‘ that they want, say, a detector

. • . .. stage- built into a monitoring.

v 1 was .-in* it up* tor. my ;ears sy S t em and we have to jump to

,-J " umvl- ntt' *Jd hnlire tt M,v r* . ... . . 7 . ’

Sharing rite workload: -Jim - Robertson (left), who started 'Dee Electronics ftf* yea^ago, and efearical

and electronics ’ engineer Pat Brady .

Emphasis on

EXPAND-A-FIRM -grew out

of collaboration between. X>r
Meredith Belbln, chairman of

•the - Cambridge-based Indos-
trial. Training Research Unit
and Alan Randall, former
chief executive of some of the
smaller subsidiaries -of the

Jhnperia] Group.
The

factory just
ferry, Clwyd.

outsic

: ]\ 1 Opportunity

Brady was otfe of the. first of
10 redundant executives Who.

aver

>een

the last year or so, b^ve and' working' 24, .hoprs jt K '
offered 1 n ^ 'opporumi ry to - -when the chance of. taking

day t0 g et ^ on j er finished in
WS °a time.”

egln a new career under what someone : like _Pat .came-, our Brady also says the: ,

s called the “ Expand a Firm " way, ^ recalte" Robertson. • i experience has forced him to.,

cheme fSee adjoining piece yas doing the .selling, orgams- U p on technical skills. .

or details.)'. 1 - l . ‘ .' - mg :desiga, Xesiing and. proque- . y^i^h.irrfh^ last few Vears had

Financed by the Manpower-. ?£Si-«P d beawne a jMe.rusty. .

i^rvices Commission and"“-®*{*®“ ' ‘ a i ! “’hi a big company’s R and D.

drainistered by the Cambridge f£ uldl L t - “ ord t0 P ay hina at department you tend to look

{based* Industrial Training. Re^ ;

search. Unit, the scheme . was; -gnr-^irifdrlibrrate wfse you, quickly overlap into.

Ilaunched last year to ■ match Rabertsoasa^— with del ignite- gomifbodj' else’s- backyard. The

'Fifteen : months- liter <2? £? ZS2S

launcneu lasi year uuilvii Hraitv stuiueuuuy cisc s- miwoiu. 1 uc

out-o.Mvork esecu fives haling- Jfv S? 8 ?? “v2ln -■ ‘ ' ■ : ■ range of skills required is much
professional, technical or ea . nis Keep. - wider in a small business. If

business expertise with small His major, contribution has ypa've gat a . knotty .problem
manufacturing businesses show- been to share the workload, you can’t for example, hire an
ing potential for growth. allowing Robertson to cut him- expensive consultant to come

Development ’"Fellowships ”, self ‘ off from day-to-day tech- and son it out”
as the awards are known, last nica ^ • development ana, concert- Brady has also learnt to

for exactly one. year and pro- on what be is oest at concentrate his' efforts on

vide- to ’£7.1)00 "to pay ^or sales, ana promotion. - ,v commercially viable products,

the successful individual’s Thanks in good’- measure to-. “ Lots of people come to us

salary. If the 12 month expert- Brady's technical ability and ‘ with wfiat are interesting ideas
pe nt w orks,, the organisers his imagination in developing but in a smalL. company you
!iope a permanent ‘relatfdnsKp' dew ‘'and' better Trroducts~ftn — ju st e an ^e-B c ces sori l y - aff ord to
will be cemented. Dee’s customers, turnover has waste time on (them."

research unit used to
be part of University College.
London, but it is now almost
-entirely financed by the Man-
power Services Commission.
R is an independent body en-
gaged largely in researching
and developing new initiatives
in the job training and Job
creation fields.

• -Launched in the- spring of
last ’year -with - a- -modest
£36.000-. a *• year • - budget.
■“Expand-a-Firm’’ • essentially
puts one of Retirin'* theories
-of manpower- to the test. v

• - U I strongly believe that-the
•best - way of generating
employment Is to concentrate
on- what we * can ‘ sophisti-
cates,’ ” he says. “These are
people- with high level skills
who - can create - wealth and
thereby jobs for other people
lower down the line.

“ The existing philosophy
oZ turning -unskilled workers
into skilled or. semi-skilled
employees does not work
when there ts a' shortage of
jobs.” ’ ’

Belbln admits that in most
eases it is too early to. judge ,
the success of “ Expand-A-
Firro.” But the early signs are
certainly' encouraging.

Of the two .formerly -redun-
dant executives who. have
completed 'their- 12 months.

- one (Pat -Brady above) has

- joined bis company on- a
permanent' basis while the
other has left to set dp his
own business. .

Six other “fellows” are
currently half-way through
their year and Belbin esti-
mates that the Anns involved
may already have taken on
30 additional employees as a
result. In one case the
development of a new process
holds out the prospect 'of a
. significant longer term boost
to employment

Elsewhere, .the recent
appointment of a ** fellow ” in
Newport. - South - Wales; - is
-expected to save up to 17
jobs. .

. Although in- this case the

- death- of the chairman has
put' the business in jeopardy.

. . “Rxpand-a-Firm ” is aimed
primarily at healthy manu-
facturing - firms, indepen-
dently owned, which employ
-less than 100 people, and are
located preferably in an area
with above average unemploy-
ment

Individuals, meanwhile, are
likely to be over 30 but can
come from any type of busi-
ness background provided
they fit the bill.

The key to the ultimate
success or failore of the
scheme undoubtedly He$ in
the way that the nnit matches
individuals with firms.

’• Initially the unit relies on
various regional “agents”
such as the Welsh Develop-
ment Agency and the Scottish
Development Agency to come -

forward, with candidate com-
panies; while the Professional
and ' Executive*. Register
(PERf) is used to trawl for
potential key employees. -

Randall, as project leader,
then visits interested firms
with a colleague. They
. explain how the scheme Works
. and weigh up the prospects
for growth.

individual applicants, mean-
while. have to take two of
Belbln's tests — the first a
“Self Perception Inventory on
Team . Role- Characteristics**
assessment designed to give
the research snJt-a good idea
of an individual’s tempera-
ment and compatibility with a
particular small firm pro-
- prietor.

■ The - second is a “Jfob
'Feature Questionnaire” which
'.involves looking air ‘30. pairs
-of jobs and saying which of
tbe-two-in each easels prefer-
able and explaining why.-

Both these tests are based
on Relbin’s thesis — based on
extensive and well docu-
mented research — that man-
agers do not have to be whizz
kids but should have one or
more characteristics which
enable them to excel in a
management team.

“Expand-a-Firm ” will not
suit every individual or every
small company. However, the
scheme seems to be a happy
example of co-operation
between academics and busi-
nessmen. 'And given the
potential a cost per job of
£7,000 appears to be a good
deal for the taxpayer.

Small firms get a
voice in Enrope

THE APPOINTMENT of 55-
year-old Bill Poeton to serve
on the Economic and Social ,
Committee of At European
Parliament Is a timely boost ■'
■ for; ail vmoil ' and medium •;
sized firms, whose Interests,
he vm- represent.. •'■*'.■

The significance & perhaps
-that' much greater for In .
these cases the (irritations
eome dlreet from- 10 Downing ;•
Street.

Poeton far National Spoked
malt of the UnkA of Indepen-
dent ' ■ Companies - ■ (UK).-
whosp 250 elected members
are aft manufacturing bust* -
seme? ' - ' organised into

regional groups, along pariia-

.mentary' constituency tines.

His appointment ; -will last

-for four years.

‘ The Economic ‘braT Social
Committee is an influential
consultative body whose task
is to advise the Council of
Ministers the European
Commission.

Under the EEC Treaty
Ministers and the Commission
are required to consult the
Committee before taking auy
action. •

Poeton fs a passionate
believer in positive discrimi-
nation for small companies -
and - says that the present UK
Government has not yet been
converted to this faith.

He points enthusiastically
to a harikgnmnd paper, toy the '

Committee published, in May
which, argued that “ while a
favourable investment eftmate .
created... 6y ' appropriate;
macro-economic conditions
forms tire soundest basis for
the foundation of Small and •
Medium Sized Companies^ we .
must not forget that tire same
conditions make It much
easier .for larga firms to
expand.” In other words, says -
Poeton, reductions in Interest
-rates aod-cnts-ftK the National.
Insurance surcharge-— which
help all companies— *re mot
sufficient on their own for the 1
an all business sector. •

This is a view' which has
brought him . into conflict

(MUtani.'PoeeQA

with certain people, including
some in the Confederatfon of
British Industry — from wh^8i
the UIC broke away in fbt
mid-1970s.

;• The UIC 1$ about tp pon-

- duct its ' own - survey of .
industrial opinion to test Hie
mood of the small manufac-
turing sector.

The decision stems 'partly
fnnn the furore over the last
CBI survey which printed a '
very depressing picture of
the counties, eeononiie pros-
pecter. ' • •' '■••• •

■" We think ' that gloom
'generates gioom,” says Derek
Young, the 1 UICs national
ritairaian, ** Although we are
going through, a. terrible re-
cession and our members
have been bumping along the
bottom the impression w e; ge t
is- that they are not Mat- aa
their backs. Things are better
than they were a year ago.”

- Publication of the findings

wfiV depend on whether the
results are signfficaht; “But
we won’t cimceaf them if they
turn out to be bad,” promises
Young. ' . .

Tim Dickson

Buying

PLACES are still .available-
fora session tins Friday when
small firms will be ride to
meet purchasing managers in
The public sector.

This “Meet the Buyers”
event has been organised by
the -London Enterprise
Agency (LEntA) and Is the

first of a number of initiatives
aimed at helping small com-
panies win a blgger share of
public purchasing contracts.

Representatives from the
Property Services Agency, the
Post Office, . British Rail and
Norfli Thames Gas wiD be
present. .

Contact LEntA, 69. Cannon
Street. London EC4. Tel.:
0I-236 2676.

WORD PROCESSING

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021-643-5368

021-643-5362

021-643-5380

Bradford .
0274-28431
0274-28432
Bristol

0272-2981<H

0272-298010

Croydon

01-680-1852

031-22S-9337

03T-225-6854

031^25-8985

Gtugmr
041-333-9531 1
Liverpool
051-708-0133

London
01-836-1327

ssssss ss^asr 1

0V236-13267A |to|t|nghmr

Mancbesler 0602-413391
061-832-2242 0602412144
061-832-9314 SL Helena . ,
061-833-0258 0744-30774 -
061-834-0053

ABddksbcaugh Southampton
0642-222183 0703-36492

Tunbridge WeSs
0892-23468
■»»- * ■ .

0922-39433

OVER 290 STORES AND
DEALERSHIPS NATIONWIDE

Known as Radio Shack In the USA

=== MSB & -

'■"“'.TMCUWVJE AND
•OPERATIONAL

OFFICE FURNITURE
LIP TO 30% DISCOUNT
OFF

. .'Uvilobte in.

!rosewo'od, walnut
LIGHT OAK '
plus complementary range '
of searing.

Details from: 01-805 2566

INVESTWEMT OPPORTUNITY

A 5M3er .mawofacturing, company

Vo circa 'El ,5m. hoa rewndj beBn

hit hard by The death o( ona director

and tha serious iHness of another.
Wo require management expertise
and injection of .capitai to help a
lean, fit team with considerable
expertise.

TELEPHONE: (6403) 710410

y Ft^xsdusing
J • into Inismes*

• Conference lor people look-
ing for a Jraneftlse. Portmart
Hotel, London, September ZS..

• Magazine and directory with
the best franchise qusinesse*.
JAB*^iiObs6,’'«> 1 rTI NOHAM RD

*LON5afc5rtlj7KA -
TEL 24HP 0»-767 1371

L\i

LESSORS

Agricultural Equipment
£5,000-£56 r 000

Wet Gass Covenants

Priori pels reply , » Box F04 18
Financial Timas
10 Cannon Screw, EC4P 4BY .

TOURIST INDUSTRY
LEAD MIME SCHEME '

. NORTH PENNINE LOCATION
Investment .required for the above,
scheme yvhich cqngtlliUea under-
ground- mine 'railways, surface rail-
ways; . • educatiorisi: ' 'features,
museum, .boaq'ng 'feke. *fap 6 cafe.
Share .ceplpf or 'invtstrna^i return
Write Bor F34J5, Financial Timas
70 Cannon Street. EC4F 4QY :

Guoranteed Higli field Return
on Secured Investment

We are offering for sale on a
, Continuous basis, portfolios.,
v Consisting of

..Fixed and variable rate first and second? mortgagei secured
on UK owner occupied residential properties.

All mortgages ore .fully ^insured and are offered with a
re-purchase guarantee in the event of default. If desired,
she portfolios can continue to be fully administered by the
vendor.

This -is an excellent opportunity -for a high yield return on
investment and should be considered only by banks,
financial institutions, insurance companies or pension funds.

Principals only reply tor
The Chairman, Bbx F342f

Financial Times, fO Cannon Street, London EC4P 4BY

PHARMACEUTICAL AND
HEALTH CARE PRODUCTS
• DISTRIBUTION
OPPORTUNITY

A leading pharmaceutical and health
care products company with strong
sales representation in tha chemist
trade at multiple, wholesale and
retail levels seeks additional otc
product lines for distribution or
acquisition. An efficient and suc-
cessful sales sod distribution ser-
vice with sviHiMs capacity equivj-
,lent to around £2m pa turnover at
M.5.P- is offered to principals wish-
ing to maxim las penetration and
volume jin. 'this specialised- sector.
Enquiries from established princ i-
pala will be -treated with absolute
confidence*

■■ Wrrta Bn 73394. Financfsf 77«a*
'70’Cinridri Srrehr. EC4P 4BY

-DEFENCE SALES

Major UK manufacturer and
exporter of Defence Systems _
seeits 'new products’ to add to'
line of training, and other elec-
tronic specialities,

Writs Box F34T7, Financial Times
~t0 Canridn Street London EC4P 4BY

. ENTREPRENEURIAL
MANAGING DIRECTOR

of International Hotel and Catering
Company will become a free agent
altar 1st October 1982 for various
assignments working under bis- own
sovereignty.

£400.000 plus is immediately avail-
able for investment in sound
business propos/tiona.

Extensive contacts with tha Inter-
national Hotel and Catering mar-
kets exist for product re pres an is-
tian/agency.

No n-axectltive directorships, con-
sultancy and lecturing opportunities
will elso be considered.

Write Box F3424. Financial Timas
» . 10 Cannon Street. EG4P 4BY

Commercial

Herefordshire

A rare opportunity to acquire a substantial
ry Investment of 450 acres of well

lied conifer plantations with some^S^E
hardwood.

Forsale as a whole or In 4 lots

Particulars from:-

Estate Management Division (Dept FT)

Commission, 231 Corstorphine R
l - . Edinburgh EH127AT ,
or Telephone (031) 334 0303
Extension 238 or 448.

INVESTMENT OPPORTUNITIES

SOUTH OF FRANCE

New development of 25 villas situated. 100 metres from 800 berth
port. 150 metres from the beach. Capital investment required In
.the. region, of. £70,000. One or more person! s) .will be. accepted to
form new company. Further details from:

MIDI PROMOTIONS
191/192 CHESTER ROAD, SUNDERLAND
- TYNE AND WEAR ’

(0783) 4M849

; 5 Villas-sold on plans since August 1st, 1982

Forestry Commission

il

Lassair"

intstretiGnai

London Heatfnpw-
FOB COMMERCIAL A
BUSINESS. AIRCRAFT SALES
' LCASE 'CHAfTTER

Tel: OT-89T 2852. Tx. 916581

OFFSHORE & UK
COMPANIES

READY-MADE OR TO: SUIT ■
Isle of Man. Caribbean. Liberia, eic.
domiciliary 8 nominee services
' Bank accounts epaped
■SELECT COMPANY FORMATIONS-
1 Athol Street. Douglas.- tala trt Man
Tel;'Dbugfa*-{C
Telex: I

PAST expanding hiabuiactdritis Business
ID the Sports Trade .rwwlres partner!
director ts (rvreltase -50% equity and
take- actlro -roll .headline th»,enanciaj
Side o 1 die biismKK Twnorer rapccted

«. pare hr 1M2. V^-ite Base FJAis.
Flruhtlcf - Times, SIO. 1 Cannon

Leaden EC*p 4 by.

street.

; IDEAS WANTED

..TntenisiKHial .financiers saak viable
. icsqs and.proihCte cepiKa pi rapid

rfavetopmcnl producing Immediate

cash flow and good rertrns.
a fid*

Reply in confidence- to:

-" Mr R. Smith
CHARTER SADDLE LTD
11 Finsbury .Square, London, EC2.
Tel: 01-588 3911 Ext 28

ThiBking of opening
ai office Business
.or Factory in the .
United Kingdom

We can help you to find the

- * ■ RIGHT —'LOCATION'

— STAFF — MAKE CONTRACTS

Strict confidentiality
Ring (02774) 58822
. . Telex: 99433

Cash on the Nail

LIMITED COMPANIES

FORMED BY EXPERTS

■ ’ FOR £97 INCLUSIVE

READY MADE £105 J
COMPANY SEARCHES

EXPRESS CO* fiEG (STRATTONS LTD.
. . • . Epworth Hpgse.,-.

■ 25-35 City Road. London,. Ed

81-628 6434/5, 7381: 9936

, ftrirtfarTnatonabtxjtourfedDrir®
and invoice discounting services,

« contact oneofaur New Business
Managers on 01-890 1390 or write
to Oedit Factoring International,
Ra Box 50, Feltham, MiddxTW137Qa
Midlands office; 021-745 3252'
Northern office: 061491 0424

Equity Funding

• Investors: VCR is a source of
researched projects.

• Entrepreneurs: VCR helps raise
finance on good terms from a
compatible partner.

• Ptus fortnightly supplement
fisting insolvent companies fe
£25 pA.

m Venture Capita) Report ?»
represented throughout the UK.
VCR. 2 The MxB, Bristol
TeL <02721 737222

DYNAMIC & SUCCESSFUL

ESTABLISHED COMPANY

Primarily involved in fifties of
scientific / medical .. equipment
throughout UK and developing
countries overseas, seeks to broaden,
its base by offering durabSe/Ooveliy
Items to the general public. Manu-
facturers willing 'to oHer sole agency
and develop close working relation-
ship please contact:

Box F-3423. Financial Timas

10 Cannon Street. EC4P 4BY

In-Store Photo
Developing & Printing

ln~ 200 m. It of floor space you e an

- CtrFkOW - ‘

Hop* PerTect-Fkcrw PftOto-
ereshlc pnxasslnu tab., oflcrlna a onc-
hoor or earn day service to vour
customers. Just consider, the fmpir-

77ie costf 'About £33.000 tor th*
hardware. ..The returnsT ■ We've sot
some ft cures that will make soar eyes
pool

Contact JobnAlleD
HOPS INOUSTBIKS UK LTD.

North hr Woe (load. Marfchamxted
Herts. HN «H

... Tel: (04437) 74SZ . .

We are . an established Cemesny In
the Sooth Bedfordshire area with the
following currently available:

1.9.300 square tee t of llctt ladustrM
space at £ZJO per square foot per

Z. Appr ox i m a tel y U million Tberma
w annum of- mem avsOabte as
beat at aapraxtmateiy ITp re ttma .

Would any Principal or Company In-
terested please write to:

Box F.3422. Financial Times.

10. Cannon street. London EC4P *BV.

QUICKEST POSSIBLE access to Interna-
Uonal invltattor* to tender and enqutrtos:
UIVUW Business - Newsletter. POB
1 05. D-IOOO Berlin 39. Tlx IBS 926 d.

INVESTORS

for

CAMELOT

OPENING IN LONDON
NOVEMBER 1982
Please contact:
Apollo Productions
PO Box 16 Oxford OX1 5JB
Units of £500 including 10%
discount on all tickets
purchased and 1 free ticket
for previews

COMPLETE WAREHOUSE &
ACCOUNTING FACILITY

Marketing Company with 2.500 ti
spare warnhouM space m London
o Hen Ml warehousing, sales ledger
end office facilities to small com-
pany. Payment basis negotiable:
could bs tu rnover -related.
yri-Jre Boa F3307, Financial Timas
70 Canaan Street ; London EC4P-43Y

BUSINESSES WANTED

BUSINESS OPPORTUNITY FOR COMPANIES
ENGAGED IN THE FACTORING OF TRADE
DBT OR PROVISION OF LOAN GUARANTEES

^P P** 1 ** **»* cs ■" Immediate invesunant in establish ad
n ■ - aPy - S ZB ' v ! ,ase activities include cither the factoring of trede
hS b \.tea,S5-^!?h!!?, n u lo *. n . SU» rar, rea3. The prospective purchaser would
£- 0ar r !!? l *' a . representative of any comsany to discuss
‘ iu A L r8pl !f 8 - wni ? F - ^ ™ M ‘ d « rha strinsn

“ Bt " [GSB3 - r ' m »-

CF1& CASHFLOW

* A raecnber of the -
kMlonslWi s l iueutre.Prtr .GWL

INVOICE DISCOUNTING
♦ IMPORT/EXPORT
. FINANCING '

Domestic invoices.. Wacovnted;
. Letters ot Credit Opened:

■ Bach to Back LrC'c.

Contact Roocr Compton it
FORBES CA 14 PJ ELL

(FINANCD LTD.

9 Artillery Lan a, Lo ndon El ?LP
TaJ.- 01-577 MS4

£1 A WEEK -FOR S3 ADUJESS .comtrtrud

with -fljwwo Jneasasaa. and . telex, under

£4. ■ iraeh. PcqrtW O _

Evehanoe. Me^uflc Minders .
rational, 0T-62B 0B98- Telex 8 S 1 17X5.

.near. Stack
:• Wrew

Finance available at 7% subject to

■ink Guarantee. Min. S4004H10 M
max, j. ArthuVs. Suita 1001. 700
. Island Wav. Qaarwattr. Fforfdt Tqf:
. niiU4?.112}. • .

venttiXe -capital report, 2. The Mall.

i BrlTMI. . TJw Ilrtc- between lnyestmtsit

.. _ and- smell business**. Investors
i and .entrepreneurs rino (02723 727222.

YOUR OFFipp. IN
LONDON - '

Superb Mayfair location. Persona I-
issd talephone. telex and. mail
service £28. 50 1 per month . or to
include occasional use of offices
£57 per month. All secrets rial/
commercial services available.
Address never sd vsrtiwd
: For detaib telephone

Lloyd A dhnw 01-499 0321 ‘

or write Box F2B29. Financial T imes
Iff Cannon Street. EC4P 4BY

PARTNER FOR
PR COMPANY

Further partner with business

wanted for City PR. company
I Timer

Write Box F3420 , F/nencraf Timer
TO Canon Street. EC4P 4BY

FRANCMlH WORUr MACAXIME and
Directory -tha oast business -opdoix
tunitles. franchise World. Jamcrs House,
37 No^insham Road. London SW1 7~

■louse.

7EA.

24- Hour 01-767 1 371.

PROPOSITION US!

.. Investnjent ideas invited
REQUIRING:

1. Equipment purchases up to
D20.000. and jl necessary '•

2. Wr Office Showroqm premises,
or manufacturing premises in the
We« Country

TEL. IN THE FIRST INSTANCE
01-635 24Z3

WANTED USED or Sunim Office Furniture.
Any quantity any location. Cleveland
Easiness Sunnites. (0642) 223353.
CAPITAL REQUIRED <Or KClull'l oversets
pr o per t v . Minimum LlO.OflO. Full
security given. Write Bax Pi* 16.
Financial Time*. 10. Cannon Street.
London EC4P 4BY,

SECURED £J 04500 REQP. for flat «nv#r-
. ’ban. JA , 000 .Plui^ Interest raturned in
6 mths. 499 6734 td4V1 U4« 3710
revg*.).

WE WISH TO ACQUIRE A

RESIDENTIAL
ESTATE AGENCY
BUSINESS

with proven profit record with
one or more offices in the
Chelsea/St. John's Wood area.
Reply in corlfidsaca to our solicitors:
Monro Bentleys, Stokes & Lowless
Cereal House, 58 Marie Lane
London EC3R 7NJ •

Ref; NCT

STORE INSTALLATIONS
A wall eatabiishod company operat-
ing nationally wants to make nr
••rere re*?™ eomprabensivq by
adding electrical, ceiiinq. 3 *i 0 a.
front, tlooring, etc., etc.. nV, pacts H
you would Ilka ;a -discuss inngra.
non or parveiprtian plamsa wnte ii
confidence to:

.The Managing Diroptor
B. rinan

Bex GS268. Financial Timas
10 Cannon Stmt, EC 4P 48 Y

W£ 'SEEK TO ACQUIRE *

CONTRACT HIRE
" COMPANIES

Cummdy o para ting car and van'
fleets m excess of 100 units
Mease wtUa in the strkxasx
confidence to:

The Managing Director
COWIE CONTRACT HIRE LTD
"Hylton Road. Sunderland
Tel: 078344122

KBiHmhUM - V T auM -

Interest Jn prMteM* CW

WE WISH TO
P0RCKASE COMPANIES

in the Wholesale Haberdashery
ere trade In the North East

'^^i^ tirT,over of 005 lew than
LiSOJXO-por annum. - -

Financial Timet
M Cannon Street. EC4P 4BY -

— to eurchaaq

— - wssiffr, LondOa

or Home Counties. ftcttee particluTtoti.

zz so.oao

Ail proposals . considered. £250 .OHO

. afrhrtee. Write Box SrSP. nSmSit
I®- Cannon Straw. Umdon eCAM

VOUR-INVITA-noNS to tender. enoWt-fet
• PUbll3h«J woritirttWffi • at .test fay
Newsletter, poj
1 OS. O-1O0O Berlin S9. Tlx 105 926 a.

SHOP FOTING

A_ growing system based .group
wishes to accu-ra «]| or parr of
Binning sBopflning businesses with
2°?** . ™'**8<Hnent . coAtmuity in
gT* 0 * * West- Menctitsier /-NW
MaidstondVSE ^Minimum etirren-
E ,1 OO.OQO pa.' “ Plane give
bnaf details or tel ihe-Chelrmar.:

• Box GS367.. Financial Times
. . JO Cannon Straat„EC*R 4BY,

n

l C

— * ,
-'f |-
- 1 Pf».

•• i%
’'•"I f-

■'

- j>

«?!■

c

" ; fn *

• ” .’I.-,

■ '.“i

1 --a iJidsjs

* - *>

I •

Financial Times Tuesday August 31 1982

BBC i

6.40-7.55 ant, Open University
’(Ultra High . Frequency only).
SL20 Scboby and Scrappy Boo.
$.40 Jackasosy. 9.55 The
Wombles. 10-06 Take Hart 10.20-
1030 Play ChessP f 1030 “ Palm
Beach” -(“Interlude" film from
the early^Os). 1035 Cricket:
Third Test— England v Pakistan,
from. Headingiey. 135 pm News
After Noon,' 1.35-130 Bagpuss.
+3.38 Flirtation Waite (“ Inter-
lude ” film). 3.40 Home on
Sunday. 4.18 Regional News for
England (except London), 430
Play School. 4T45 Blue Peter
Hies the World. 5.10 John
Craven’s Newsround. 5.15 Animal
Magic.

5.40 News.

6.00' Regional News Magazines.
$.25 The Show He Show.

' 7.00 Hi-De-Hi!

?.2p “An Inspector Calls ” by
' J. B. Priestley, starring
Bernard Hepton, Nigel
Davenport. Margaret
Tyzack and Simon Ward
3-OO A pay at the Zoo: Esther
Ranteen reports on 24

• . t hours in the life of

■ ■ ./ - London Zoo.

' 9-00 News.

• £3S Stocker's Copper by Tom
.Clarke, starring 'Bryan
: .'^ Marshall and Jane

Lapotaire.

iSLOO - Maigret," from a novel

• • . by Georges Sizzesozz, star-
. : ring Rupert Davies.

13-50 Rough Sea On Rocks
- :* -'“Interlude ” film).

TELEVISION

Chris Dunkley: Tonight’s Choice

I will say it again: any television company worth its salt
should be producing- a significant proportion of programmes
good- enough to demand repertory treatment. I refuse to join
in the hypocritical chorus of sneers and derision which greets any
season of television repeats. “ Not that old thing again! ” they
cry, and promptly settle down to gloat and. sigh over the quality
of the good old days.

That quality is exemplified tonight in BBC-1 's re-runs of
the 1972 Bafta award winning play Stocker’s Copper which was
written by Tom Clarke (who also . wrote this year’s excellent
“ Muck And Brass,” surely another award winner) and an episode
from the 20-year-old series of Maigret, starring Rupert Davies
as the saturnine French detective. -

The play; about the 1913 Cornish play workers’ strike, I
recommend unreservedly: Jack Gold directed it at the top of
his form and the location film work is superb. Abtjttt the
•policier t am uncertain, having- seen few of the original screen-
ings and being less enthusiastic than some about Davies. He and
the series were vezy popular, however.

TTVs schedule in the London area is a disgrace: ah American
crime series is followed by a repeat of a recent comedy and from
9 o’clock for three hours everything but the news is American
rubbish, all of it set in Los Angeles.

BBC 2

6.40-735 am Open University.
1030-1035 Play School.

135 pm Cricket: Third’ Test— -
England v Pakistan.

+6-20 Laurel and Hardy Double .
BiU.

7.00 Junior Pot Black. .

7.25 News Summary.

7.30 The Jam at Btngley Hall.

8.10 Arthur Negus Enjoys
. Alderney.

8-30 " The Last Waltz ”
directed by ' Martin
Scorsese.

1035 Cricket: Third Test (high-
lights).

10.50-1135 Newsnight

LCHUDOW

930 am Rocket Robin Hood.
930. -Wild. Wild World of
Animals. 10.15 The Nature of
Things. 1130 Bailey's Bird. 1130
Paint Along With Nancy. 12.00
Pullover. 12.10 pm Let’s Pretend.
22.30 The Sullivans. 1.00 News,
plus FT Index. L20 Thames
News with Robin Houston. 130
Eiumerdaie Farm. 2.00 After
Noon Plus. 235 Racing from
Epsom (covers the 230, 3.05 and
3.35 races). 330 Father Dear
Father. 430 Runaround. 4.45
What’s Happening 5.15 The Real
World.

5.45 News.

6.00 Thames News with Rita
- Carter and Colin Baker.

635 Help! with Viv Taylor-
Gee.

• 6.35 Crossroads.

7.00 Sapphire and Steel

' 7J0 The Streets of San
;• Francisco.

.830 Shelley, starring Hywel
- Bennett with Belinda
Sinclair and Josephine
Tewson..

9.00 Best Sellers: Lloyd

‘ Bridges, Baddy Ebsen'and

‘ • Robert Wagner in “The

• • Critical List”

10.00 News.

1030 Best Sellers (continued).
1X30 City of Angels. ■

1230 am Close: Sit Up and
Listen with the Reverend
Peter Lewis.

'• t- Indicates programe in
black and white

All IB A Regions as London
except at the following times:

ANGLIA

, 3.25 am Sesame' Street. 1035 Spread
Your Wings. 10.50 Joe 90. 11.15

Speedway. 1230 pm Gardening Time.
1.20 Anglia News. 330 Looks Funnier.
8.00 About Anglia. 11.20 Donovan in
Cancan. 12.20 am Forty Years On.

BORDER

. *io am Larry (he Lamb. 8.40 Evolu-
tion.-. 10.00 Cool McCool. 10.20
Suwtval. 10.40 Bailey's Bird. 11.05
V" Contact. 11.00 Spidermui. 140
, m Border News. 3.50 Looks Familiar.
5.16 Happy Days. 6.00 Lookaroiind
Tuesday. 7 JO Anniversary Week: Never
.Been- 2T Before— A special programme
to marie the 21at Anniversary of Border
Television. 11. IS Barney Miller. 11.45
Border News. Summary.

CENTRAL

UBim In. the Arms of the Octopus.
1020 In Concert: The Blues Band.
10.45 The Incredible Hulk. 11 JO The
Crazy World of Sport. 12.30 pm The
Yeung Doctors. 1-20 Central News.
3.50 Looks Familiar. 6.15 Mork and

Mindy. 6.00 Crossroads. 6.25 Central
Newa. 730 Magnum. 11.20 Central
News.. 113 Mae Oevia in Concert.

GRENADA

9.30 am Larry the Lamb. 9.40 Evolu-
tion. 10.00 Cool McCool. 10.20
Survival. 10.45 Bailey's Bird. 11.05
3-2-1 Contact- 11.35 Spiderman. 1.20
pm Granada Reports. 2.00 Hands. 3.50
Looks Familiar.' S.1S Happy Days. 6.00
This Is Your Rlpht. 6.05 Crossroads.
6.30 Granada Reports News. 8.3S
Family Trees. ■ 7-30 Simon and Simon.

11.20 Journey to the Unknown.

HTV

9.40 am Sesame Street. t10.40
Tuesday Morning Feature Film: " The
Navy Lark/'. 12.30 pm Gardening Tima.

1.20 HTV News. 3.50 Looka Familiar.
5.15 Di IT rent Strokes. 6.00 HTV News.
7 JO Simon and Simon- 10.28 HTV
Newa. 11.20 Video Sounds.

'. HTV Cymro/ Wales— As HTV West
except: 1240-12.10 pm Y Eliffant Gfaa.
4.204.46 Ar Ei 01. 6.00 Y Dydd. 6.16-
6JS Report Wales.

SCOTTISH

‘10.00 am Wilderness Alivs. 1050
Angling Today. 11.15 It's s- Musical

World. 12 . 30 pm Gardening Time.

I. 20 Scottish News. 350 Looks
Familiar.. 5.15 Talas ol Crime. 5.20
Crossroads 1 . 6.00 Scotland Today, 6.30
Take the High Road. 740 The
Incredible Hulk. 11.20 Late Call. 11.26
Bradford International Jazz.

TSW

9.30 am Sesama Street. 1040 Feature
Film: " Doublecroaa." starring Donald
Houston and Fay Compton. 11.40
Custom Cara. 11.56 The Undersea
Adventures of Captain Nemo. 1240 pm
Paint Along With Nancv. 1.20 TSW
News Headlines. 3.50 Survival. £.15
Gus Honaybun's Maolc Birthdays. 5.20
Crossroads. 6.00 Today South. West.
640 D Iff' rent Strokes. 740 Simon and
Simon. 10.32 TSW Lata News. 1140
The Streets of San Francisco. 12.16 am
Postscript. 1240 South-West Weather.

TVS

945 am Untamed World. 10.00 ” For
The Love Of Ads." sta/rlng Irons Hand!
arid Wilfred Pickles. 1145 Cartoon.

II. 30 A Full Life: Jill Cochrane Inter-
views Edna Haalav. wife of Labour
Party Deputy Leerfer, Dams Healey.
140 pm TVS News. 3.50 Looks
Familiar. 5.15 Dltf'rant Strokes. 6,00

Coast To Coaa r. 845 Crossroads. 740
Simon and Simon. 1140 Star Psrada
with. Cliff Richard. Abba, and Nana
Mooakourl. 12.15 am Company.

■ TYNE TEES

9.20 am Tha Good Word. 945 North-
East Newa. 940 Friends ot My Friends.
9.65 Classix Nouveau*. 10.25 Tarry
Foe— I Had a Dream. 11.20 Bailey's
Bird. 11.45 Cartoon Time. 1.20 pm
North-East Nawa and Lookaround. 340
The Riordana. 5.15 Survival. 6.00
North-East News. 6.02 .Crossroads.
6.25 Northern Ufa. 7.30 Simon and
Simon. 1040 North-East News. 1140
The Living Legends of Jazz and Blues:
‘Dizzy Gillespie. 11.46 Four Attitudes
to Life.

YORKSHIRE

' 94Q am Sesama Street. 1040 *’ The
Blue Bird." stirring Shirley Temple.
11.45 Magtlla Gorilla. 11.65 Tha
Bubblies. 12.30 pm Looks Familiar.
.140 Calendar News. 3.50 Calendar
Tuesday. 5.15 Mr Marlin. tJJO Calendar
fEmlay Moor and Balmont editions).
740 Simon and Simon. 11.15 Bradford
International Jazz Festival: Bobby
Wallins Quartet. *

(5) Starao (when broadcast on VHP)

RADIO 1

540 am As Ha dio 2. 7.00 Mika Read.

9.00 Slmap Bates. 11.00 Paul Burnett
with the Radio 1 Roadshow from
Plymouth. 1240 pm Nawsbeat. 12.45
Dsv* Lae Trivia. 2.00 Steve Wright.
440 -Peter Powell. 7.00 Talkaboui. B.00
Mark Ellen: 10.00-12.00 John Peel (Sj.

RADIO 2

SjDO am Ray Moore (S). 7.30 Tarry
Wogan (S). . 10.00 Jimmy Young (S|.

12.00 Dianr Dora (S). 2.00 pm Ed

Stewart (S). 4.00 David Hamilton (S).
6.46 News: Sport. 6.00 Jan Learning
(S). - 8.00 The Magnificent Minnellis
IS); 9.00 Listen to the Band (S). 940
The Organist Entertains (S). 9.56

Spans Desk. 10.00 Tom O'Connor at
the Variety Club with Alan Randall.
Stutz Bear Cats, and Lome Dallas.
II'.OO Brian 1 Matthew presents Round
Midnight from the Edinburgh Festival

RADIO

(stereo ■ from midnight). 1.00 am
Encore (S). 2.00-5.00 You and the

Night and the Music (S).

RADIO 3

6.55 am Weather. . 7-00 News. 7.06
Morning Concert (5) . 8.00 News. 8.05
Morning Concert (continued). 9.00
News. 9.05 Hug Week's Composers
(SJ. 10.00 British Ptano Music (SI.
10.55 Vienna Mozart Ensemble (S).
11.36 English Songs (S). 12.10 pm

Midday Concert, pan J (SJ. 1.00 News.
1.06 Six Continents. 1.2S Midday
Concert, pan 2 (SJ. 2.00 Flute, Piano.
Guitar recital IS). 2.50 Lassus chore)
music (S). 3.10 Cheltenham Festival
1982 (S). 445 News. 5.00 Mainly For
Pleasure (S). 6.30 Jazz Today (S).

7.00 Lat tha Peoples Sing (S). 7.30
Proms from this Royal Albert Hall,
part 1: Corelli, Bach. Handel (S). 640

What Books I Please (Colin McLaren
on Rudvard Kipfinn). 8 AO Proms,
part 2: Bach (S). 940 John Sparrow
on . . . Dogs. 9.46 Cerberus. Mina
and Dan (SJ. 10.15 Aooevryphef Stories
by Karel Capek. 1040 If It'a Ever
Spring Again (S). 11.15-11.18 Nawa.

Medium Wave as VHF above except:
10.55 am-6.30 pm Cricket: Third Test —
England v Pakistan.

RADIO 4

8.00 am Nawa Briefing. 8.10 Farming
Week. . 445 Shipping Forecast. 6.30
Today. 8.43 Dieu et Mon Droit by
Sylvia Townsend Warner. 8.57 Weather:
travel; continental travel. 9.00 New*.
9.05 Tuasdey Call — Space Exploration.
10.00 Naurs. 10.02 From Our Own
Correspondent. 10.30 Qbily Service.
10.45 Morning Story. 11.00 News.
11.03 Thirty-minute Theatre (S). 1143

Wildlife. 12.00 News. 12.02 You and
Yours Investigates tha advice agencies.
1247 Quote . . . Unquote (S). 12.65
Weather; travel: programme news.

1.00 The World et One. 140 The
Archers. 1.56 Shipping Forecast, 2-00
News. 2.02 Woman's Hour. 100
Nawa. 3.02 A Dance to the Music of
Time (S). 4.00 News. 4.02 And Now

- — For Silence fS). 4.10 Freedom City.
4.40 Story Time. 5.00 PM: New*
magazms. 5.50 Shipping Forecast. 5.55
Weather: proaramme new*. 6.00 News
and Financial Report. 040 Brain of
Britain 1982 IS). 7.00 Naws. 7.06 Tha
Archers! 7.20 Medicine Now. 7.60
Poor Britain: Life on end below the
breadline 8.20 The Creatures of Kail.
9.05 In Touch. 940 Kaleldoieooa. 9.59
Weather. 10-00 The World Tonight.
10.30 Paul Jones on Music (S). 11.00
A 8ook at Bedtime. 11.15 The Financial
World Tonight. 11.30 A Chapter or
Adventures (portrait of Rider Haggard).

12.00 Nawa.

Norfolk
Flight in
fine form
for Epsom

WILLIAM Hastings-Bass, whose
Marriott stables are, reportedly,
destined -for Daxid Morley at
the end of this season, does not
saddle N 'the much-vaunted
Remorseless at Epsom today.

; However, it will be surpris-
ing if he fails to add to hJs
tally there, as both Wivefon and
Norfolk Flight- look to be in
with winning chances.

Wiveton, who landed both an
on-course and off-course gamble
when getting up in the last
strides of Haydock’s Harvey
Jones Handicap early last (month
to touch off Earl’s Court, must
he expected to follow up in the
Steve Donoughue Apprentice
Handicap.

The Blakeney gelding owned
by. Lord Derby, whose ancestor
gave his name to Epsom's most
famous race, was conceding 21
lb to the runner-up in that event
and wiji he seen to equal
advantage over today’s slightly
longer trip.

He should not be hard Dressed
to concede upwards of 18 lb to
his three opponents: Crimson
Royale. Steel Kid, and Record
Answer.

RACING

BY DOMINIC WIGAN

Norfolk Flight, one of 10
runners for the Chalk Lane
Stakes 35 minutes later, is also
in good form and will I. anti-
cipate. prove up to conceding
weight ‘to Newmarket's course
and distance winner, Charlie’s
Prospect.

Norfolk Flight, another brown
gelding by Blakeney, could find
the veteran Hampshire a more
serious problem. Last time out
this eight-year-old ran his usual
game race when chasing home
Redden and Tee in Brighton’s
PPA Betting Office’s Handicap.
He meets the winner Redden
on better terms by 6 lb.

Blushing River, a chestnut
colt bv that superbly fast miler.
Blushing Groom, out of a
Iyphard mare, looks to b«> the
answer to the Rubbing House
Stakes.

EPSOM
2.00 — Raklawa
240— Blushing River*
3.05 — Jose Collins
3.35— Wiveton
4.10 — Norfolk Flight* **

4.45 — Suffred

CHEPSTOW
2.15— Miss Posjj**

2.45— Singleton

a. T if.*-, ., ! 1‘ ,V« V V**' -X. *_•- - :

1$

k A

i

Companhia
Vale do Rio Doce

COMPANHIA VALE DO RIO DOCE

BRAZIL

CARAJAS IRON ORE PROJECT
WOODEN TIES

Invitation to Bid
No. CA - 004

CVRD--Companhia Vale do Rio Doce, will purchase 290,000 Wooden
Ties through International Competitive Bidding.

CVRD is applying for a loan from the International Bank For Recon-
struction and Development (World Bank), towards the cost of
Carajas Iron Ore Project and intends to apply the proceeds of this
loan to eligible payments under the Contract for which this Invitation
to Bid is issued.

Participation in this Bid is limited to Suppliers established in
all member countries of the World Bank, as well as, in Taiwan and
Switzerland.

The instructions, specifications and forms which comprise the Bidding
Documents will be available upon written request to the Purchasing
Manager accompanied by a non-refundable payment of US$100 (one
hundred dollars) or the equivalent in other currencies, until Septem-
ber 24, 1982, at the following address:

Gerencia Geral de Suprimento da
Superintendence de Implantagao do
Projeto Carajas — GISUK/SUCAR
C/0 International de Engenharia S A.

Av. Presidente Wilson, 231-18° andar
CEP 20030— Rio de Janeiro— RJ— Brasil
Telex: (021) 33368

Sealed Bids will be received at the above mentioned address until
October 14, 1982 at 2:00PM, Rio de Janeiro time.

Each Bid shall be accompanied by a Bid Bond for the amount of
US$ 40,000 (forty thousand dollars) or the equivalent in other cur-
rencies. Bid for partial quantities of Wooden Ties shall be accom-
panied by Bid Bond for proportional amount.

General Procurement Management
Implantation Superintendency
CARAJAS ORE PROJECT— GUSUK/SUCAR
Rio de Janeiro, August 30, 1982.

NINES

V- if

' ■*’. u- m

BUSINESSES FOR SALE

t', s x s: ' "* • ' '

r- a

■. ■* I • !

Brewery for safe
as a going concern

• Located In the fast expanding and developing region of Cork city in ■
Ireland

• Established over 120 years.

• Brews and distributes at present well established own brand of Murphy
Stout and also Heineken Beer under exclusive franchise for Ireland.-
Enjoys technical support from Heineken N.V. in the Netherlands.

• Full info rmation, and brochure from John Donnellyas receiver and
manager of James J. Murphy &' Co. Ltd

Reply ter.

John Donnelly,

Deloftte Haskins & Sells,

Suite 3, Fitzwiltoh House,

Wilton Pisce,

Dublin 2, ' Telex: 25839

Ireland . Telephone: 765153

Deloitte

Xre^nd/’ _ Telephone: 765153 Haskins+Sells > ■.

^ AccauitanN «*d Mansgeaieol ComallznU — ^ : :

Fitzwihoii Hoate, Wilton FUcs, Dabliii 2. j/ .

‘=iifciiyKs» —

TJ, C 1 BUSINESS FOR SALE

. J? OT 53J.0’ ' ' ■ Well established Prot»ctiv»

i. ;.

. . *
* • *

:

♦ *

; r. i

■ ■ s

i : '

• ■)

LUXURY HOTEL BARGE

magnificent Hotel Barge with spacious accommoda-
tion for 12 guests in twin cabins, bathrooms en suite,
and separate crew quarters for 5 is offered for sale at
a realistic price.

.The barge is exceptionally well fitted throughout and
^maintained to a high standard. The vessel is
Currently .based in the South of France, but can
“cruise most European rivers and canals.

-British registered . to Lloyd’s specification. The
purchaser .would benefit , from 100% capital
afiowances. Current construction cost for comparable
Vessel £300,000* Further information reply to:

-A-L ■'

"M ;■ ’J ' • : Box G82lS1 Financial Times

Cannon Street , London EC4P 4BY

FOR SALE IN BELGIUM

Petroleum refined product*
and coal Jobber Company

Stores* in tha harbour of Aniwarp
Wi rehouse* in important cities
Distribution network - All facilities
Turnover mure than BFr 1 billion

Write Bor <58247, - Financial Timas
10 Cannon' Street, ECSP 4BY

BUSINESS FOR SALE

Well established Protect i ve
Clothing Manufacturer

Operating from a modern fully
equipped factory In Glasgow City
Centre. Full order book. Asking
price over £200.000.

Interested parties should make
their enquiries to
Frank Donaghy Accountants
36 West Princes Street. Glasgow
G64 3BP - Tel: MI-332 9486

HAIR AND BEAUTY SALON

2 minutes from Berkeley Square
Lease to include 2-bedroomad 8/c
maisonette with own entrance.
Going conoem. Owner retiring.
Otters in the region of £60,000

All enquiries to:

Lurot Brand Commercial
242 Brampton flMtf, London, SW3
Telephone: 01-SB102S5

SOUTH OF BIRMINGHAM. Preeholtf Indus-
trial Estate. SD% let. 2fl acre sltz.
current rent roll approximately £80,000.
Price: 6700.000. Write Bax G.6279.
Financial Times. 10. Cannon 5treet.
- EC4P 4SY.

NORTH YORKSHIRE — Freehold, seaside
Hotel. M badrocms, d Inina ream. 2
lounge*, cocktail bar. Fully eculpned.
For sale at a going concern, currently

oroduelnp £40,000 nett Profit under

management, with cnmldcrabie scone for
Improvement. £590,900 glut S-A.V.
Writ* Bex G.8273. PlMnclil Times.
10. Cannon Street, London EC*P 4BY.

SUPER MA It KET I RETAIL SHOP develop-
ment on a 1-8 acre site. High Street.
Pershore. Freehold. £650.000. Tele-
phone: 04453 4183 evenings and week-
ends.

FOR SALE BY PRIVATE BARGAIN

ONE OF SCOTLAND'S PREMIER TRADE NAMES
The Internationally Famous

CAFE ROYAL

West Register Street .

EDINBURGH

Offers are invited for the freehold, contents and goodwill of
this superbly sited property including:

The Circle Bar The Regency Room

The Oyster Bar The Crown Room

The Penny Black Lounge The Cocktail Bar

IS Bedrooms - 4 Offices - Coffee Shop
With outline Planning Permission for conversion to a Casino.
Further details from:

ROBERT BARRV 8t CO.

11 South Charlotte Street. Edinburgh, EH2 4AS
(Tel: 031-225^944)

FOR SALE

LEASING

COMPANY

with guaranteed income of £Um
and capital allowances/losses
available of £650,000. Approxi-
mate)/ 1,000 leases: high rates
of return; management and
recording s/stems available to
purchaser.

For further information, history,
etc, apply to Box G8264
Financial Times
10 Cannon Street. EC4-P 4BY

SUPERB **** SOUTH COAST HOTEL FOR SALE

Superbly appointed see lacing hotel In prime position in leading South
Coast resort. 70 Bed room a/ Suites all with bath en.suite. Salf-conalned
staff accommodation for t6. Public Bar — Function & Conference Suites —
Swimming Pool complex with bar — Sauna & Solarium — Public Lounges
— Full promenade frontage and large car park — Substantial existing
turnover with axes! tent potential for further growth. Long leasehold
(approx. 75 years), low fixed ground rent.

TO INCLUDE EXTENSIVE 6 VALUABLE INVENTORY — £1450000
Principals only to apply to Bor G827T
Financial Times. JO Cannon S treat. London EC4P 4BY

CIVIL ENGINEERING COMPANY FOR SALE

WITH FREEHOLD OFFICES AND DEPOT
ADJACENT TO M4 MOTORWAY

Annual turnover in excess of £2,000,000
Full order book and Modern well maintained plant
Principals only please write In first instance to Box G8263
Financial Times’ 10 Cannon Street, London EC4P4BY

FOR SALE
WEST MIDLANDS
HAULAGE
CONTRACTOR

with wide range of customers
servicing most of the UK
Turnover for the current year
predicted at £600,000
For further details write, quoting
reference HC2 to:

K. G. WHITE. THORNTON BAKER

Kennedy Tower
S( Chads Queensway
Birmingham B4 60.

WELL-KNOWN
ANTIQUARIAN AND
SECONDHAND BOOKSHOP
FOR SALE

]n Northern touriit/Maricet Town,
with Jiving accommodation: excel-
lent turnover, good profit*.

Senous inquiries to:

Box G6280, Financial Times
10 Cannon Street London EC4P 48V

FOR SALE

WHJ. EQUIPPED MACHINE SHOP
& NON-FSfROUS FOUNDRY
in modern 10,000 *q ft leasehold
building, W. London. Product range
moved to another factory so no
order book. Otherwise going con-
cern. Open to off are lor quick safe.

Write Bda G8203. Financial Timas
TO Cennon Street. BC4P 4BY

PUBLIC TELEX
CENTRE

Received and forwarded
worldwide

LONDON-5 ONLY PUBLIC
CENTRE

24 Cranboum Street
Leicester Square
London WC2H 7AA
01-836 4224 _ , J „

Telex: 261937 A/B London G

Opportunity available to expand Into
the fast moving. PfofltaW* and tax
treaty protected mwle pubilsMnacnav-
right Industry. USA Musk: PubllslitM
Company tor sale. Principal agreeable
Go stay on to continue manisemeitt.
Earnings annually In tit* atx Seurat.
Songs recorded by world reknown
artists. Catalogues currently enMvlng
number 7 recording tfor »e last three
months) In Europe- Additions! informa-
tion available to serious and ouallfted

P Wr!te**BOK G.B2S7. Financial Times.
10. Cannon Street. London EC4P 4 BY.

ATHENS - GLYFADA

Two adjacent Hotels built TWJ
FOR SALE £1 MILLION

9 miles from Athens. 2 mile* airport
ICO yards from beach
89 rooms, almost all with private
bath or shower

Enquiries: London 01*423 4024

PLANT AND MACHINERY

COUTH WALES — Prominent Motor Dwltr-
stilo In the Heads of the Valleys area.
Freehold site close to Jowl eaatre on
busv l" nc U«n. suitabla for supa-miuket
or D.I-Y. development. £250.000. Write
Box G.827D. Financial Time*. ID, Can-
non Street, London EC4P 4BY,

FOR S* U Comaaav In Graphlu IndwtfY
f — One Million turnover — Prnhta ol
£75.000. Good Track Record a. ExtrcfMv
Modern Want. Net Assets of £750400.
Write Box G.S2B0, Financial Timas.
TOWS Street. London EC4P 4BY.

PROFITABLE PRECISION ENGINEERING
Company for Sale Hoisted to the T av-
ild* mlOn currently expanding ft s enrn
o£dJ« Una. Principals only » rw.hr
to Box G.8256, Pi nanelal Times. 10.
Cannon Street London EC4P 4BY-

«OUTH WALES— 65 acres . of „ I mi UMri* 1
“land, with approximately 400.000 M. ft.
ot buildings. Rise ter, n deralopmeih.
£1.5m lor aukk sale. Write Bo* G .B2.75.
Mnanclal Timas. 10. Cannon »aet
London EC4P *BY.

By Order of W. M. McCann, E.CJU Racdnr A Manager

A.YL LIMITED (In Receivership)

Kjlcoole, Co. Widdow. Ireland

FOR SALE BY PUBLIC TENDER IN LOTS
THE P.VX. SHEETING & FILM MANUFACTURING PLANT
indudlng:

A 2500mm. On* With A M MECCAN 1C HE MOgERHE *
peripherally bored spheroidal alloy. Four \twanad "V Cvllndar blander
— diathermic oil heated— Four Indcpond w* d rives. “NebLfJijjj,"
S.F.C.M. S50 H.P. TWIn Screw Continuous Mm j M bear. •> MECCA N CHE
MOPERNE 1 * 1800mm. Two nod Steam H«»d Mil Mixer. ThannoreBdl««
5 Cylinder stretch and take off unR. Tot Roller cool Ins onh. Trim
Cutter. Scrip Roller, Two 3 head wind.Up. vrith control chwlPinaM.

A 17000mm Line with A “Comano” 170Dmm x 630mm. Four
inverted "L" Cylinder Calender— diathermic ol| heated— unldrUm gaarbOK.
“ Warner PhalMder " GKio. 200 HP. Twin Screw buu mixer. Comer to ”
200 . 0 mm and 1500mm Two Roll Steam Heated Mill Mixer. Strip and
emboss Roll era, Cooling Rollers Three Roll Cooling Stacks, Trim untt
with “S” wrap drive. “ Comedo 3 head and 2 bud wind uB wtoi
control equlontant.

Vertical Blow Film Line. Flat l too- JJn blender mixers, towns
Grinders. 2300mm and 1700 mm Sfltflng-ReelJne Machines, Paelalon
Guillotine. Sheet Guillotine. Two Diathermic oil Boilers and eoulomant.

Tender one; zOrh Oe»b*r. 1942. 12 noon
OFFERS FOR THE ENTIRE AS A GOING CONCERN INCLUDING THE
FACTORY PREMISE* WILL BE CONSIOERtO UP TO THE
15th OCTOBER 1962

’ Enquiries. Tender Forms. Catalogue, Appointment » View -
. eon tec* the Selling Agents:

Lisney

Henry Butcher

23 St. Stephen's Green, BObffa *, Ireland :
Telephones TB9BBBI7BB754/C01»» Telex.- 25404

Video Film
Wholesalers

South East London

Receiver offers the business and assets of Global
Video Supplies limited. Turnover 9 months to June
I9S2 approximately £2.9 million. . ...

further details from LD.B. Bond, uBldlttB

tet 01-236 6500 HaskinsSells

iPO Box 207, 128 Queen Victoria Street, London EC4P4JX.

METALLURGICAL INSULATION
ASSEMBLY MANUFACTURERS

NORTHERN ENGLAND

Manufacturing own patented risers for the steel
and casting industries along with light weight
insulating material. Modern fully equipped free-
hold works. Sales £750,000 per annum. Principals
only.

Write Bor G8276, Financial Times. 10 Cannon Street,
London EC4P 4BY.

FOR SALE AS A GOING CONCERN

CARDBOARD BOX MANUFACTURERS

SITUATED IN EAST LONDON
Consitting of } Acre of Freehold Land
One Urge Cottage, 2 Factories, Outbuildings and Open Yard
Box malting machinery and full staff
Turnover well in excess of £160.000 per annum. Plenty of scope
for expansion. Reason for sale: retirement.

Principals only pleats writs Box G8274, Financial Tlmea
10 Cannon Street, London EC4P 4SY

A WELL ESTABLISHED

TRAVEL

COMPANY

OF REPUTE

BASED IN NORTH LONDON
15 AVAILABLE FOR SALE

This profitable business, the sale
of which is to include a
substantial freehold property,
arises out of the retirement of
the proprietors. Audited
Accounts are available to
genuine enquirers.

AH communications to be
addressed to Box G6272
Financial Times
10 Cannon Street. EC4P 4BY

FOR SALE

THE WORLD OF WAX
GREAT YARMOUTH
A modem, smell but btsutifui Wgx-
works. situated on th* , most _ bu *F
seafront corner of M*rl«> Psnae
end Regent R6*d. .suitable lor
family run a* only two peppi* »re
needed to operate if. Frofitebli
business franchise. w«i leasehold
premises on two floors. Qflari in-
vited by letter only to:

THE WORLD OF WAX
68 Marine Parade. Greet Ywmouth
Why nor pay Ua a visit
Only SOp par parson

WELL ESTABLISHED

CREDIT CONTROL
COMPANY FOR SALE

* Over ISO existing d rents

* Income £25k plus mostly
on recurring basis

* Excellent agreed tax lots
situation of approx. £20k

Interested parties pitas* contact
Box G82S6. Financial Timet
10 Cannon Street, EC4P 4BK

Readers are
recommended to take
appropriate professional
advice before entering
into commitments

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Financial limes Tuesday August 31 1982

FINANCIALTIMES

BRACKEN HOUSE,: CANNON STOfchi, LONDON EC4P 4BY
Telegrams: Flnantimo, London PS4.Tefex: 8954871
Telephone: 01-248 BOOO '

Tuesday August 31 1982

relics of

! ' BRITAIN’S BLACK BUSINESSMEN

Why it is harder to
start a business

Maoism

LIKE A great director before the pragmatists and to oust the
the first night Deng Xiaoping, ideological die-Aards.

if you are

ck

diminutive maestro

The all-powerful post of party

Chinese poUtics, is putting the chairman may be abolished. The
finishing Touches to tbe most practical significance of such
important production of ins re- a mme remains to he seen, hut

By Lisa Wood

markable career.

its symbolism is of enormous

_ ^ A Jf ARK COOKE came to collateral (for a loan, possibly 250-odd strong UK-Canbbean

The curtain goes up tomorrow imMrtance Mao skilfully used l\/J Britain in 1958. Today, as a result of stereotyping of Chamber of Commerce, points
on the 12th congress of the thisnositiok to establish MmseK J-YA aged 33, he is joint man- West Indian entrepreneurs as out that American immigrants

Chinese Communist Party. It M a demigod for 27 years, aging director of Tridata a had risk — a stereotype nor “had a different approach and

will he a great and glittering ^ nfli „ HT10 _ he became nUier Micros, a Birmingham-based supported by the experience of attitude to us, knowing they

occasion and for Deng, twice ^^fore senile appalffin" dam- company which develops and those (banks who have made would have tofightforoppor-

retipred- and humiliated in the age through a 'combination of markets business accounting business loans to West Indians.” tun i ties.

long march since liberation in mvs fl 01ie Tvjtmnaee oil a software for use in microcom- Setting aside the issue of “We were brought up to think

eclipsed and humiliated in the
long march since liberation in

age through a combination of

ml. and now nearbne the and “f *£%& H ^terT

of active political life, it must nShSniSSSm Tnd ^Tridata, now four years old.

.go right oz> the night. For the tbe dead hand of the Communist employs 12 people, has made a

past 30 years China has done p. profit for the last two years and

f it -fin mn ru than ti»ar ifsplf r “ l v‘ f .. _ ka>wi

tunities.

ftware for use in microcom- Setting aside the issue of “We were brought up to think
iters. - racial discrimination, which is of Britain as the mother country

Tridata, now four years old. real but difficult to prove, there and believed that if we worked
a ploys 12 people, has made a seem four basic reasons for industriously we would share
ofitforthe last two years and these difficulties: the benefits. That did not hap-

Tittie more than tear itself expects a turnover of £240.000

apart, wasting in the process Much of what is emerging year All its employees are
endless reserves of talent, now may be cosmetic. Deng is white, except one, and that is
ingenuity and energy. For Deng certainly no liberal. China is Jamaican-horn Mr Cooke.

. this may be the last chance to likely to remain a totalitarian justice Lewis an RAF-

expects a turnover of £240.000 e Lack 0 f collateral. Blacks, pen.”

this year. All its employees are concentrated in lower-paid un- Contrast this attitude with
white, except one, and that is sailed jobs, find it difficult to that of Mr Santokh Singh
Jamaican-born Mr Cooke. accumulate start-up capital A Bhambra who. with only £50 in

7 rerot Humphries

Justice Lewis, an RAF- higher proportion of blacks than his pocket, was forced to flee

Mr Abdul Shamji (left), c h a i rm a n of -the Gomba group of companies and Mr Justice .Lewis, managing

director of Ebony Greeting Cards.

set the country on a steady state in the grip of a party trained telecommunications en- white or brown moplelive in Uganda 10 years ago this director of Ebony Greeting taros,

course for the next decade. which frowns on Indi vidua l gineer and Anthony Hill, an coun^il accommodation and are month. A chartered engineer by . _ .

0 . initiative. The leadership accountant, set up Ebony Greet- therefore unable to offer the profession he was refused a m Sioane Square about a that seem aggressive to Wack identifying blacks with manager

r Ch&nCt'S m»v not imlrp nisi : I. s_ ,nro mererore uua ic lO O , _ v,iil.ap roetsimn* in IlnivinM j, h.nian 00 nntimrkll

Proteges

changes may not make any real mg cards in 1978 with capital <£«I S of a house as collateral, loan by a Birmingham banker, restaurant in Braxton is an un- customers and the barriers go potential.

Deng is above all a pragmatist difference. Deng’s strategy push- j of £5,000. Since then Ebony.

^ ^ w «« mil ohaorl tinth aK<i»wta ahh > . I lS.v s—. J — :

despite having bis Ugandan beteeroble experience,” she up;

An exciting new develop-

BIacks. be says, feei that if ®ent to black people

there were black bank managers present tiieir business plans to

uonai skill ana guile, to our- r-**-- -: w carai u»e viavn. Uiitm-CL, . rpnort on plhnir pnternrisps

manoeuvre the die-hard sup- laune Mng q major page of the has quadrupled its print run to “ aSSSv ewtadtofbS
porters of his great ideological Party itself at all levels. £^00 cards a ye ? ex- fa ve fewer “

opponent, Mao Tse Tung, ance tetrfed its design range from sir ration Md employment oppor-

the latter’s death in 1976. Pre- Contradictions t offi. tuniriPi than whites “the

in Hackney, easr London, that Mr Bhambra. now owner of

rewaarant mere. customers would be more trust-
Helped by Lenta, she secured jng in giving fun information,
loan from the Industrial and about their circumstances.

250,000 cards a year and ex- ^ blacdts have fewer edu- an electrical shop in Hands- a loan from the Industrial and about their circumstances.

tended its design range from six cation and ^mnlovmenf onoor- worth, Birmingham, did ulti- Commercial Finance Corpora- „ ~ , Mr Jonathan Emamnra, a

to W. Sfe VaI SS ‘Mhe mately get a loVn through per- ttos (ICFC), as weU as rectav- M ^ tata sugge^edtimt Nigerian4)0m 29-year-old with

The two men are examples JSSri-Tte manaaeriaJ exoerience sistence. ” We were used to this strong financial support an MA in business a drain [Stra-

ti be more trust- the banks . is ; the growth of
full information business consultancies staffed
Eumstances. by blacks.

* , Mr Jonathan Emanuvra, a

quently sacrificing policy for some of Ms reforms have

getting hlTpeiwie Tnto'the* right b^«^‘SnSSl*^ of a «re pienementm-^cee^ he aa^-Our par- thet tee^ braaeh ofUijds

inhs anri irimlnev for nractical »rv~ x ‘ I ftxl black British businessmen, _._ e -asLiontiTr ic eimnct nnn. ents told us stories about hard- Bank. £. °Pl^> . tones in tne K.

jobs and ideology for practical The renewed emphasis on heavy £L‘ ness efficienUy is almost non- ents told us stories about hard-

gain, he has inched forward. In industry, a clampdown on con- existent” He estimates that up ships when they went to

• the process he has provided a tect ^ foreigners, growing t0 50 P er cent oT a11 business y** nd *- w . c knew ufe

badly needed .dose of prag- attacks OD Ae ” evil influence ’’ failures - biacb or white * aTe due be hard 311(1 were P repared -

matism into a- political and of western values brought to t( > “P° or management.” 0 Communication difficulties

economic system which for the China ^ The opening up of the 3 he bE entioSneuK In contrast, the UK Asian between a white bank manager
l past two decades or more has economy, and the return to the SartieSlar orohlS? community has a sufc* tan- and a black client. The story of

suffered from wild and unpre- stprile authority of earlier years toreSJ^rok^SSSaie^ for tial middle-class professional Ms Rosemary Arnold, a middle

dictable swings of the ideologi- in culture and education are '•«mni?ihS^Siv ?Snr lev element and many families have class black South African, is an

cal pendulum. merely soffie examples. More blacS a b-aditional involvement in example.

Deng's proteges, premier worrying for the outside world, ^ hSaS” 2S business. There are also several She wanted a £60.000 loan to

Zhao Ziyang. party chairman which wishes to trade with Asian banks with branches in start a restaurant in Bnxton,

Hu Yaobaug ar-d others, have S Jefto ” So a Sfiol,® the ^ v;her , e s iH i ivei by

done well enough to stay m comfortable, working relation- Most businesses nmbvblacks • Social attitudes formed by the London Enterprise Agency

e^stent.” He estimates that up ships

recent research suggests that

mu. v,e.v,w. But they would not necessarily

The banks are responding to undemand British business

In contrast, the UK Asian between a white bank manager responsibility for ethnic minori-
community h as a suhitan- and a black client. The story of ties during the' past yea r.

Brixton, not Knigbtsbridge?

Mr Ridgeway says that black builders.

tion, ser up New World
Business Consultancy in Cam-
berwell, south London last year
with the nid of a £40,000 grant
from the Greater London
Council, and some funding
from die banks and Wales, the

Ridgeway, the tnanagers will emerge in time Mr Emanuwa. a forceful but

r a -wis a traditional involvement in example. _ __ _ _ ...

Deng's proteges, premier wooing for the oubide wld! business. There are also several She warned a £60.000 loan to London's* E bsT E nd. Helpends is allowed in -the Race

Zhao Ziyang, party chairman which wishes to trade with L<iunl Asian banks with branches in start a restaurant in Bnxton, much of his time visiting his Relations Asst but he arguesthat

Hu Yaobang and others, have ChiSS aid pSce it £to a iS12 whSes the UK where she lives. Helped by bank's branch^ anTtSktog accelerated training for. blacks

done well enough to stay aa TOrn f ort ^>ie. woriairg relation- Most busLne^esnmbvblacks • Social attitudes formed by the London Enterprise Agency with customers, often on tiieir could cause resentment among

the -saddle -over ^ the past few shiD> has been the ferocity of arTin toe sTctM—Smh the experience of iimnigration ( Lenta )-*et up by big business own premises. ” All banks ” be whrte employees,

years. But the feeling persists Peking’s opposition to the U.S. « TV and video or record t0 the UK. Manv blacks point to help small companies— she says “have to improve com- None of the clearing banks

. that without Deng at the reins, administration's admittedly in- shoos hairdressers re-staarants to the success of West Indian drew up a plan and approached muirications. Very often I find admit to monitoring their staff

/imilrl etill hn nTKP3ti>H . __ . m . airwfra, uauuicKcia, irauiuauu . .. m.. tic n..» if. hpr hunt imnaudr , ^ v.. v..»

appointee of Barclays Bank, is
a former deputy manager in

through the hank's career struc- diplomatic man. has <an all- ;
ture. Positive discrimination for black team of five. “There are :
aining is allowed in the Race people,” toe says “ who feci
Nations Ant “but he argues that greater confidence in approach- I
celerated training for -blacks ing us. If a Jamaican goes in {
uld cause resentment among to see a bank manager and -
lite employees. speaks patois he is disadvaa-

None of the clearing banks taged from the word go.”

Imit to monitoring tiieir staff Most of New World’s clients
r ethnic origin, but it is wanting, loans need £5.000-
ideratood that a<U are busy £10,000. About 40 per cent for

whom it tries to raise money
are successful. Mr Emanuwa
rpl I/5CC 1 thinks more of them deserve

mi w VjLiL. financial help and wants to ,

• .. see the banks; or Government.

l aims Mr Snamji, who set up a special fund to aid
eUeves fervently that mas- black business. The Govern-
Ive injections of public funds ment, he argues, has regional
ifli not solve the problems of policies lo aid disadvantaged
irittsh industry. ■ regions — - so why not special

Mr Shamjl's political views financial packages to aid
re dear. He has entertained disadvantaged people?

Whether, or nor specific funds
°™i S # £ should be earmarked by the

Government tor black start-up
¥££** ££****' capital is politically contro-
i versial. The present Govern-
menl argues That to do so would
71. i7;V«T«7i rp^iU, antagonise sections of the white

SJdes the ext^d^AsS ™n«nuniiy and might not be
a rapid very productive anyway.

inmnia finn of wealth and Many believe the most crucial
tar provoke jealousy. British need is management advice. Mr
ceeutives outnumber Asians Cooke, for example, had 16
to 1 in the top levels of the years’ experience in the cotn-
omba organisation but Mr puter industry before setting up
liamji says he has helped fel- his own business. Mr Lewis, of
w exiles when he has been Ebony Greeting Cards, says his
i a nosition to do so. • success is due to a combination

That L whv^he coniSS h^ ^ haadlill S ^ ^ Tl3iwan and construction. There are
™*.2 S!X.JSS«-f 0DSre * Issue. relatively few manufacturers,

especial importance. Three decades after the Com- Lord Scarman. in his report

Tinmao* munists took power China has on the Brixton disorders last

uamai,c yet t0 resojyg the two funda- November, spelt out why it was

A new constitution which mental contradictions which important for society that West
promises to sweep away the final have, determined its erratic pro- Indians were brought into the
vestiges of Maoism is likely to gress so far. The first is how business community. -
be unveiled, diluting, at least to achieve material success with- ‘“The encouragement of
in theory, the omnipotence of out. sacrificing ideological black people to secure a real
the Communist Party. Sweeping purity. The second is bow to stake in their, own community
reforms of the leadership struc- achieve that success without through business and the pro-
ture. some of which have laying itself open to an invasion fessions is of great importance
already been put into effect, are of foreign technology and alien if further social stability is to
likely to be endorsed. The Polit- Western values, which threaten be secured,” he said,
bureau and the Central Com- its integrity a s a great civilisa- The message remains as rele-
mittee may toe reshaped to suit lion. ' vant today: an • increasing

immigrants to the U.S. But Mr her bank manager.

a bank manager with a genuine by ethnic origin, but it is

Tony Wade, chairman of the “ Talking to a senior banker desire to know asking questions understood that all are busy

PARK LANE EMPIRE OF AN AMIN REFUGEE

bureau and the Central Com- its integrity a s a great civilisa- The message remains as rele-
mittee may toe reshaped to suit lion. ' vant today: an ■ increasing

number of blacks, dispropor-

__ — tionately affected by unemploy-

1 ®r -d- ^ | TA ment and fearing racial discri-

f— i fllX/ I IB TrB Q If P mination in seeking a job. are

JL JL\Jr f Y ' lUCi-JW trying to establish small busi-

nesses.

•m j 9 . f They face two key problems:

education work sxas-s

a*. mVAA T! VAJA ing to a recent pariiamentary

THE VALUE of education is in training, particularly of the “jjjf d^adTOi^ge. report 0n
cultural and social as well as apprenticeship kind. As a result. Banks the report said, vary
economic end so cannot be young people there have their wWe j y ’ in lending

measured solely by its contribu- attention concentrated more attitudes to ethnic minorities,
tion in terms of maternal extensively on the practical “Some managers appear to re-
wealth. But as was pointed out skills and importance of pro- qaire an mflqe amount of
by the National Institute of ductive work.

Economic and Social Research - It is unlikely to be pure
last week, spending on educa- coincidence that the different
tion by most developed coun- German approach to the pre-
tries has become so heavy that paration of young people for .

“It was necessary to specify adult life has been associated

which kinds of educational with economic success. The

activity are economically profit- case for shifting the emphasis

able, and also *to be "aware of of th? British approach in the

the economic costs of support- same, direction is made stronger

ing other types, of education by the evident importance to " .

which require to be justified on this country’s future of ability CODItlS together

non-economic grounds.” , to exploit fully the applications r

Banks, the report said, vary

ABDUL SHAMJI (pictured
above) has built up a trading
and Industrial empire of
impressive size since be fled
from ldi Amin’s Uganda. 10
years ago.

The 49-year-oid business-
man of Gujarati descent now
directs his hotel, trading,
handbag-making and vehicle
assembly interests from
offices in Park Lane. His
Gomba UK group of com-
panies has an annual turn-
over of around £I0m, though
Mr Shamji Is coy about
revealing profit. Group com-
panies employ more than 500
people.

Mr Shamji was no business
newcomer when he came to
Britain. He was forced to
leave behind him a sizeable
company engaged in car
assembly, construction and
hotels.

His first deal in Britain was

arranging a shipment of
Johnnie Walker whisky and
cutlery to Zaire. '

From there he went into
house repairs and second-
hand car sales — u anything
which came to mind.” He
increased his export business,
shipping clothing, cutlery,
crockery to Kenya and
Nigeria. Watches from Hong
Kong -were sold to Iran. With
no knowledge of running a
shipping line and unable to
raise finance in Britain, Mr
Shamji negotiated finance in
India and arranged for an
Indian shipyard to build six
vessels in 1974.

After forming a joint
venture with a subsidiary of
the Common Brothers tine of
Newcastle-upon-Tyne, he sold
his interest in the successful
shipping business to a Dutch
company shortly afterwards.

Since then he has featured
prominently in rescuing fail-
ing companies. In 1976 he
took over a Blackburn com-
pany making leather hand-
bags.

In March of last year Mr
Shamji got back Into the' auto-
mobile business. He paid a
seven-figure sum for the
Scottish maker of four-wheel
drive trucks. Stonefield
Vehicles.

Stonefield’s Ayrshire fac-
tory had been largely paid for
by the Scottish Development
Agency. It went into receiver-
ship when the agency decided
farther development would be
too expensive.

Despite protracted wrang-
lings with the suppliers of
tools, stocks and. engineering
drawings Stonefield has since
produced more, trucks under
Gomba than it did in the pre-
vious four years together.

claims Mr Shamji, who
believes fervently that mas-
sive Injections of public funds
will not solve the problems of
British Industry.

Hr Shamjl's political views
are dear. He has entertained
Mrs Thatcher to dinner at his
home and the Prime Minister
poses in the cab of a Stone-
field track in a picture hang-
ing above his desk. ,

He denies ever encounter-
ing racial discrimination dar-
ing his time in Britain but
concedes the extended Aslan
family system allows a rapid
accumulation of wealth and
may provoke jealousy. British
executives outnumber Aslans
3 to 1 in the top levels of tbe
Gomba organisation but Mr
Shamji says he has helped fel-
low exiles when he has been
in a position to do so. -

Charles Batchelor dedication.

business expertise

Men & Matters

Coping together

machines

non-economic grounds.’ , to exploit fully the applications * *ngaie oi

In Britain, where the expendf- 0 £ advanced technology, FashioD to fruit machines bridge mflue

ture has risen from about 3.5 to xhe development of that group Cope Allman Is beginning and direction.

S per cent of gross national ability requires voung people to to think about expansion again „ ,, — —

product in 20 years, .the visible spend less time in learning by ^ e ? , a <?0 “P le lean -?f 31 ?’ «■» j •*.

outcomes are largely dismai. theory in classrooms and more And ^ order to concentrate SOUfld fc

The advocates of the expaiKiou m learning by doing in labora- on such strategic, longeMerm

the craze.

trunority !

refused

Sound barrier

Kuala Lumpur has already brusquely to have anything to
decided to revoke the licences do with it
for nearly 500 video machines There does not seem to have
operating in city shops at the been aoy __ differences in the

expected ft to provide at least t or ies and school workshops Panning, chairman and chief No flights -of fancy by Aviation end of the year. Tougher con- re^poruse from those regions

two thstinet and general snt j f ar older mini!* hv attach- executive Louis Hanson is split- Minister Iain Sproat at the ditions are also toeing imposed which have been most vociferous

benefits ' One was greater social : ting the dual role he has filled weekend. on other operators. in opposing nuclear energy.

benefits. One was greater social ‘monte to «S2£. ?***• *>'* he has weekend,

justice. particoJariy. by extend- for the past mne years. Having

ing the opportunity of higher ‘ «The restructuring of the the “qu:

Expenditure group is entering its final privileges

of semi-skit] ed and unskilled -T,, h . fei]s “ -Bv'thp British ^

workers Despite the academic profes- Pn* 5 ®- fle In ®- me .eriusn j

™r<ifcer main benefit v^s sion’s disparagement of the Jj “J

directly economic.. It was ^mG^er^ent for cutting ^ ^ 5L2? ft

on other operators. 111 opposing uuoear energy,

T , „ :r w .-,r induding Cornwall where early ,

It does pot look as if it will ^ ^

>ns. ““ ^ Having a week ago referred to It does pot look as if it will shows vmy £gh W

r Ji- “The restructuring of the the “ quagmire of perks and he long before the space war , natural radiation inirames

xpenditure group is entering its final privileges” he bad found at is over and, Khar says, the tads tvrpb has not vet

Despite tbe .cademta pmft* P^",te telis.tne. - By -.h e British^ Air^, tte gnmdi- deJded ^tifr tSea Si T

«n»Ts rliwiflMepment of end of the year, the turn around loquent junior minister decided and less harmful pursuits
nresenr Gwen mient for cuttinE 0111 a ctiviH'es should be com- he had better not accept a sug- flying kites and spinning ti

can go hack to tfie traditional yer

and less harmful pursuits of decoded whether, when ail its

H Sr ^ruiitnr^ ^ conventional Plele and it seemed a good time gested free “familiarisation ”

*JS£**SL SS^uJtoJSESrEi to make the change” ttip. by BA .Concorde to New

education- . to yohng people .education, the Government has ™ tu ^ cw

before they began work, we! done inore than any of its La October, Manson win hand • . . _ _ —

would ensure higher national recent predecessors to begin over day-to-day management of So 5proat stayed at home * xwrfrec a friendly tbe long winter evenings.

productivity- . and tiring the necessary change. the group to Michael Doherty, yesterday as “duty minister ” f oeoSe -

Sandards for an. ' Sir Keitt Joseph, the Secre- correotiy ruming an equally for TYxde g^SSSut JStoSateSnto . .

-j Neither expectation has been tary for Education and Science, mixed bag of operations as officials hope, & 1 months. For this Delayed BCtJOfl

fulfilled. Families of semi- has accepted a degree of mans, chief executive of Inchcape UK '£ &*%£* ^ *Eu " " ™

X rfpontmity for brirj A part ne r in l.cSoTo^eho^ers t? help her

g the development of courses accountants Turouands Barton J5SZ - meaxnre the amount of radia- len^ths to explaan the andostrial

flying kites and spinning tops. *S

’ u guinea pigs ” how much radi-
ati<m are soskiog Up in
Radiant appeal front of their TV set s during

skHled and unskified workers gertal responsibility for bring-

one-time partner

account for three-fifths or more ing the development of courses accountants Turouands Barton • « , j measure the amount’ of xattia- lengths to exp lam the andOStrlal

of the population. But their in universities and polytechnics S^w Dobem jSSi mm of W1 * m SS^tiSS hS We tat week's deal in

children still constitute only int o line with national social S?toJdS 3 a5I 5£ s ’ ’ l ”“ ” which te . takin s a ^ P«

about .a quarter, of students in and economic policies: and he Tendon as finance director in “ 11 would have been a bit of Radio-activfty seeps n^urai^ cent stake m stockbrokers Kit-

higher education. The failure has initiated a £2m- a - y ear pro- T?73 iust as^ Pinder ^ a }uxu ^ for ' llini t0 ^o to New from recks and. from the cat and Aitken, there is no,

of the- economic, hope- is plain, ject to devise practical school erumed in the Far East parent York at. this stage since he is materials dug out of ^e doubt that one of the most

■While the average time spent curricula for. children whose e pt • **** p going in October anyway,” a to build houses. If p potent attractions of the link-up

■While tiie average, time spent curricula • for. children whose

"in fulf-tipie education remains aptitudes and interests "are in in *975, Doherty moved to be
lower in Britain than in the learning by doing. Other finance director of another Far

U.S-, our average is if anything Ministers have -been Instru- East trading company, Aarglo-

hjgber than that of the West mental in expanding pro- Thai Corporation, which he had

Germans. grammes for the development also got to know during hix

of training. auditing days. He stayed on

Resources -But they -have unwisely when it was "taken into the

In 1975^ Doherty moved to be DoT press officer explained,
finance director of another Far
East trading company, Anglo-
Thai Corporation, which he had c . « .

also got to know during hix OPoC6u OUt

Sn&Afffl fX* i^are^graduajly

Resources - But they have unwisely when it was " taken into the Sn out of' the Far

- In 4he words- of tte. National neglected a m vdrich seems Inchcape group, and bec^ie EaSt _ ^ gee^s. The Malaysian
Institute's review: “A lack of essential if -Bntmns approach 197 ^ Government is now being urged

total resources committed to .to foe preparation -of (ftildren Jf? t-o follow the lead of Indonesia

education does .not therefore *?*,*h*t Me Is Jo become JJJ5 J d s and the PhiUppines in banning

atioear to" be a reason for successful The step is to operations in Britain from car ^ieo games-
Britain’s low productivity or abolish the division of rwpon- sales to commodity trading.. _ T“.

follow the Energy Department’s was Ni j s Taube, Kitcat’s re - '
instructions this winter. to seal gpected senjgr partner,
their homes against Joss of Taube will be joining Jacob
heat, they will, alsa.be sealing R 0t bscbild and old friend David
in the radio-active radon .gas. Montagu at RIT. Back in 1962,
So the National Radiological when David Montagu was work-
Protection Board, which tries to ing at his family's bank, he
protect us from' over-exposure offered Taube a job in invest-
to radiation, wants, to find out ment management. “ Fve just
just how serious a problem taken a while to make up my
natural radio-activity might be mind,” Taube tells me.
in Britain. —

Midland Bank
Interest Rates

Reduces by V&/o to 10V2%
per annum with effect from
31st August 1982.

“Save and Borrow,”
“Hofiday Chsb”and

Interest paid on credit balances
reduces by %% toTVWop.a.
with effect from
28th September 1982
and interest charged on
overdrawn balances remains
at19%p.a.

APRS 7.4% and 20.3%
respectively.

les to commodity trafing. . _ _ a. eolleagoe has dutifully

tioos in wfeeb those training betiveen^different (^pg Allman and' says his deci- years accord ins to Dr Martin ^
have been committed departments and ^on to move was made before §» r * uf the^iflaential Com “‘J® 1 *

Of course

by placing two of her “dod- .

met ^s wiudh look hke pill A reader lundting at a London

The directions is which those training betwee n different (^pg Allman and' says his deci- » ears accardine to Dr Martin ^ placing two of her “ doti- ■

rreouroes hare been committed Government departments and ^on to move was made before 5^?' n^f meters which look Idke piH A reader lundting at a London

SSt &er^re rome under commteions. toe nwsfoJunetlSt Sir David pots and measure radon gas and hotel tehs me that a woman

senrtiny-:: Chr. to take over _as «e rati ve bro^ST with. 1? rerioui

In seeking more^ -economically ; is vested 1 in a st“fi)e munstry, chairman of the Inchcape s0( ^ cultural. problenS Uvin f room of his brie
profitable directions^ of mrest- titere textile prospect of tram- group. “These games glorify violence, BacJdngbamsbire cottage. thing very lidrt and very fasL

menL. Britain- "should- look fur- tug’s Jjem 0 regarded, js it seven years within a destruction, space war, killing After Mac montos, they will The wSter raised an evebre

living room of his brick-built waved aside the proffered menu.
BaeJdnahamsbire cottage. said she just wanted “some-

menL Britain. ‘Should look HIT- tug’s nerag regarueu — as n
tHer at the example of West should be — as an. incUspens-

says he ^

racing,'” Khor says! “ Some be posted back to her to see how JjSjS ® a

*« Sure., the player to much ^activity toey - and *££? * SJ

ic relatively modest Germany failed in academic studies and
far exceeds Britain in the invest- are destined for at best Jowly
ment of money and social esteem occupations ever after. -

thought it would be better at games require the player
the top of a small er one. “I drive a speeding car into
have -been jl bit like the chief road full of pedestrians,
engineer in an aircraft carrier Children were stealing . a

rive a speeding car into a • he— have collected. -

ad full of pedestrians.” More 'than- half of those

Children were stealing . and approached so -far have agreed

recommend, madam, Sebastian
Coe?” -

Interest paid on 7 day deposit accounts
reduces by %% to 7Wjbp.a. witfi effect .
. from 31st August 19^2.

On ledger credit balances of currentaccounte which
are subject to the standard personal currentaccount
tariff and do not qualify for free terms reduces by
Mz% to 3’A9bp^L with effectfrom 31st August 1982.

S) Midland Bank

Mi9l8rt$ Ban* Die

with the commands, coming cheating . their. parents lo get to help, Brown, says. “Very

Observer

I . id ■ ' ’■ A /M* . . ."«' T i ■ - 1 '■

Flnaiitf af’T^ Tuesday August 31 1982

FINANCIAL TIMES SURVEY

Tuesday August 31, 1982

CONTENTS

M.E

k

||V Under its new and controversial Prime Minister, Dr Mahathir Mohamad, Malaysia is
looming ever-more politically confident both at home and abroad. But with economic stormclouds
i^thering, this fresh self-confidence is about to undergo severe test. The Government has above a to
0 reconcile the demands of an increasingly sophisticated electorate with the harsh facts of recession

Introduction; Regime ma rks end of an era

Economy: SetlTweather bad spell

Politics: Strong backing f rom electorate

Dr Mahathir Mohamad: Strong ideas

Anwa r 'Ibrahim: Guidinj hand for Islam's role
Ismail AH: Investment bead

Eric Chla: Top indu strialist

nashim: Corporate banker

Foreign Policy; Commitment to Asean group

Brita in: Shock treatment

Sin gapore: Relations in happier vein

Japan: Focus as exemplar _

Role of Islam: Interview with Anwar Ibrahim _

The Chinese: Search t o in te grate aims

The Politician s: Datuk Le e San Choon

The Sho pkeeper: Loh W a h On -

The Villager: Yan Kee Yong

Commodities: Fall on ha rd times ___

International pacts: Lobby for inde pendence — —

The Eastern States: Sarawak and Sabah

Banking: Equity surrender

Energy and Industry: Ambitious plans _

Currency note; Malaysian dollar (M$> and ringgit are both
in this survey and are equivalent.

TOTW TWENTY-FIVE YEARS LATER, MALAYSIA AND SIME DARBY
RECALL WITH PRIDE TUNKU ABDUL RAHMAN'S PROCLAMATION
OF INDEPENDENCE ON 31 ST AUGUST 1957

C*

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W?. *

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T he spirit which Tunku Abdul Rahman Irindled in
the nation in that historic moment twenty-live years
ago with the cry of "Merdeka” lives on today in the
hearts and minds of the people of Malaysia.

Great progress has been made in Malaysia since
independence and Sime Darby is proud to have been

part of thisdynamic period of growtband development

There is much still to be done however and Sime T^bydooks

forward to the future with confidence inspired and strengthened

by Tunku Abdul R ahma n's call for...

"Merdeka!"

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Financial Times Tuesday August 31; i?82

n

■

MALAYSIA H

. ..

e njisst^r off Pemas Slme Darby Group
proud pwSfe^fflst fii Maysia's progress.

Chubb Malaysia Sdn Bhd

(A Wember of the Pemas Slme Darby Croup of Companies
Anggota Kumpulan Syarikat Pemas Sims Darby)

42 Jalan Penchala P.O. Box 397. Jalan Sulian. PeMing Jaya.

Telephone— 03-574077 Cable— Chubbco Telex — Chubb MA 37330

AMO

New regime marks end of an era

THE LOWERING of Britain’s flag ° ve r Malaysia 25 ^^drawinf^its

* apn was a gentlemanly affair. The Alliance forces back west of Su«. a
ye*lTS ago was a g pnlnnial qH minis- turbulent and xenophobic

laVrship which Stepped into the COlOW , tpd todewhip in Peking fuelled
tratiA'-n’s shoes was conservative, Englisn-eaucaiea* Communist, movements operat-
^pTmiddlTdass and not keen to see raUcal social

w tsSkCT ali of those 25 years, and the rise t m Sri phazaii Mt

to powe?of Dr^ahathir Mohamad, to bring an end £#$£*£,£2$

Wftr ld Recession: “We are figiirmg out how to tackle
tta problem and the most importanmave strtar isjo
rat down on our expenditure, to reduce jPMfPML
spending, to live wiAin^our means and
modnetwe Although the recession wfll continue . to
ta^avery deleterious effect on theeconomy. rtwfll

nM be i tad « most biflier countries.”-^ Matato-

na De as nau Mo|l ^ ad .p r j me Master . •••■■•: ; •

to a fl tha£ .

From university in Singapore
and a medical career in Malay-
sia’s poor north-eastern stateof
Kedah. Dr Mahathir has little
in common wiV* his predeces-
sors. After a jv» at the helm

his administraiiain has brought

cent of its tropical hardwoods
and 32 P er cent its
With its economy still grow-
j 0 * at 6 per cent, inflation m
single figures and unemploy-
ment barely noticeable Malay-
sia is a country where absolute

ShoiTrerolmUm * style and poverty has virtually disap-
can be lirric doubt that peared. No surprise then that it
phanees o£ substance lie ahead, has one of the best credii rat-
h SSSfi the elections in April ings in the developing world.

wlSch lave Dr Kahathir and while Britain has been

the regionof'ie current con- therec^feMMn^ being the

flirt in Indochinp. the stability .“SLP^ 0 7 dHicfc result of iH- conceived and
of tte region is profound by ^^nsc .om ^ irrasp^ble «■— £

Un does not believe io Mg ^

gentle. If lie “es JUf/eEL, he portant lesson; As >n exporter
involving greater «ska. ttaa he ^ primai7 commodities its eeon-
certajnly does not admit as ° ng. ^ ^ retant-on the fate—

muclL _ and the whims-of the world’s

One of the first commun in es raa j 0r economic powers,
to feel Dr Mahathir’s shock raajor •

treatment has been the British
business community. Keen to
fresh impetus to the

comparison with those un-
settled days. Much of the credit
for this stability should go to
Malaysia and its regional part-
ners in the Association _ of
South-East Asian Nations
l ASEAN) — an idea first mooted
to a sceptical world, by Indo-
nesia in 1967.

Inside Malaysia the unrelent-
ing theme of political activity

— “"wKie Ihl-'Srhis.ir-pTamail.n. -Jad
nhalanses of new oven were been well run and a good mfra-
£SJm«Sd Uirough tbe party structure of education and icom-
K as mSreof the - old munitions had been laid A
miard ” S were uncerenu'niously SD lid administrative structure
Spdasidc was in place, as were stable

On a campaign slogan of political institutions.

“clean efficient and trust- Despite an auspicious begm-
worthv'” government Dr 'Maha- ning there were times in the
7hir has put an electric shock 1960s when stability- in Malaysia
through the country’s bureau- _and in South-East Asia

craev. Corruption may not >et
have been rooted out but .the
corrupt now have to be mx.ro
discreet than ever in the past.

What was left of Malaysia* s
umbilical cord to Britain was
symbolically severed in October
last year with a “ directive
that government departments
should not buy British where
an alternative exists. A " Look
E ast *' policy, urging Malaysians
to find inspiration in Lhe worK
ethics and work methods of the
Japanese and South Koreans,
followed hot on the heels of the
directive.

In his impatience for change
however, Dr Mahathir has paid
little open attention to the
immense achievements of his
country over 25 years of
independence.

In 1957 Malaysia was a classic
example of a colonial plantation
economy. It was dominated by
rubber and tin. as it had been
since the turn of the century.
Together these two products
accounted for 80 per' cent of lhe
country’s exports. .

By last year, with a Gross
Domestic Product that had
grown tenfold to over
M$2Sbn. rubber and tin were
just as important in dollar
terms but had long been over-
taken by manufactures, along
with oil and gas. as leading
export earners. New commodi-
ties like palm oil and cocoa bad
been introduced, broadening the
country’s agricultural base.

Today Malaysia leads the
world in five export products.
It provides 56 per cent of the

m

generally — was
doubt.

Establishment of the Malay-
sian Federation in 1963 stirred
up a hornets' nest of regional
rivalries, in which President
Sukarno of Indonesia vied for
regional domination through a
policy of military " confronta-
tion ” and the Philippines made

These have still not been for-
jYially abandoned today. Singa-
pore broke away under Lee
Kuan Yew in August 1965.

To make matters worse the
Vititnam war raged just 500
miles away at a time when
Britain, which had until then

provide — — .

and irritated at the
negative ” attitude of
companies to the dilu-
tion! a f administration. A °f f^eip control — par-
shoddng awareness of racial ticularly m the se: nsmve l planta-
9 dons sector — the Prune Minis-

ter has “ declared war ” on the
UK

Alongside the directive not
to buy British goods wherever
possible, the Malaysian Govern-
ment has sponsored a huge
sharebnying operation to bring
British-owned plantation com-
panies under Malaysian control.
The effort has succeeded,
though It may have cost the
the Malay- down' in' 'l970 1s' a 20-year pro- Government about MS3bn. “We
1963 stirred gramme aimed at eliminating are !?. paj t * e pnce v

This heavy purchasing pro-
gramme could hardly come at
a -worse time for the economy.
World recession is at last begin-
ning to take its toll inside
Malaysia, with ' all ' commodity
prices at record lows. About
M$4bn is in the process of being
cut from this year's budget and
even sterner measures will be
needed if the recession con-
tinues.

serious

conflict was thrust on die then
government in 1969 when in
the wake of election victory
celebrations by opposition
Chinese parties large numbers
of the country’s impoverished
Malay population ran amok.

The bloodbath that followed
has provided the focus for
political activity and economic
policies ever since. The New
Economic Policy (NEP)' laid

i .. r - r --

eliminating
the gap between Malaysia's
comparatively affluent Chinese
minority and the poor rural
Malay majority.

Fear of renewed racial con-
flict - has caused successive

uvu cm iim Vino Lauatru

claims to part of the federation., administrations in Malasia to

cling to a “ softly softly
approach in all areas of policy.
Perhaps the most profound
revolution to bit the country
since Dr Mahathir became
Prime Minister in July last
year is his abandonment of this
approach.

In future, in an effort to in-
sulate the .economy, greater
attention is likely to be given
to building up the country's
own industrial base. Its own
market of 14m people may be
small but it is Increasingly
affluent Moreover," put into me
context of the fast-growing
ASEAN region even the prob-
lem of a small market may- not
become serious.

After a decade of remarkable ,
stability in the region Dr Malta- ,
thir and his team, are increase j
Ingly concerned that world j
powers like the U.S. have come
to take this stability for granted.

What has been forgotten. Dr
Mahathir notes, is that this
stability is based on the pre-
mise of rapid economic growtft-
Lose the growth momentum and
such stability can no longer be
taken for granted even in a
country as apparently sound as
Malaysia. Rising economic ex-
pectations-, resurgent Islamic
fundamentalism and the con- »
slant threat of Communist in-
surgency mean that the indus-
trialised West neglects this
region at its peril.

David Dodwel!

MAIN POLITICAL PARTIES

MAIN RACIAL GROUPS

Literally “sons Malaysian Chinese: A substan

Within the ruling National
Front coalition:

UMNO: the United Malays
National Organisation, sup-
ported by the Malay community
and the dominant party -in the
ruling coalition. The leader of
UMNO automatically becomes
Prime Minister.

MCA: The Malaysian Chinese
Association: the “establish-

ment” Chinese political party
usually closely associated with

the business community.

The opposition:

DAP: The Democratic Action
Party. Claims to be a multiracial
party and has some non-Chinese
members but attracts mainly
middle dass and poorer Chinese
voters.

PI (sometimes known as PAS):
Parti Islam: Fundamentalist
Moslem party, once part of the
ruling coalition, advocating
stricter Islamisation in Malaysia.

Bomlpntras:
of the soil,’’ usually defined as
“the Malay races”; these fprm
the majority of Malaysians
(around 52 per cent) and are
made up of Moslem Malays on
Peninsular Malaysia, and Malays
and indigenous tribal people m
the eastern states of Sabah and
and Sarawak.

Total population 1980 7m)

13.600

Peninsular Malaysia: ...

Malays 6.120

tial minority of Malaysians
(38 per cent) are ethnically
Chinese. There are significant
Chinese populations in Sabah
and Sarawak.

Indians: Make up around 10 per
cent of the population of
Peninsular Malaysia.

Chinese

3.920

Indians

1.186

Others

....’ 0.803

Sarawak

1.24S

Sabah

1.052

s

Economy set to weather bad spell

XI pruviuco ’

world’s palm oil. 42 per cent of prqSPECTS f or the Malaysian

HihkaT ‘iTwi nnnnpf Ji Tier .— J „ .l.„j _f

Call Standard Qiartered
and youte there.

Whenyou r company's business reaches out to Malaysia, mate one calitoStandaid

■ 0VerS£ Wfth.3^ offices ofThe CliartsredBankthroughout Malaysia. Stan^rdC^^redS
- : ■

Standard Chartered #

The British bankthat goes further faster

economy under the cloud of
world recession are .far from
bright. Last year saw the first
trade deficit in the country's
history as commodity prices
plunged to record lows and
Malaysia's terms of trade
deteriorated by 17 per cent
The Government has called for
austerities and is to make deep
cuts in spending, mainly on
defence.

But this deterioration should
not be 1 allowed to obscure the
very real achievement of the
past 25 years. Economic growth
has averaged more than 8 per
cent over the ' past decade.
Gross Domestic Product' (GDP)
has more than quadrupled to
M$2Sbn.

* Even more significant, from a
classic colonial plantation eco-
nomy in 1960 relying on rubber
for 62 per cent of its export
earnings and tin for a further
17 per cent the country has
diversified strongly into manu-
facturing— which now accounts
for almost 20 per cent of
exports — and into new com-
modities like pahn oil (9 per
cent of exports) and timber
(14 per cent of exports ).

‘ The discovery of oil and gas
has also made a considerable
difference. Oil exports now
account for almost 29 per cent
of export earnings.

It is a measure of • the
country’s resilience that eco-
nomic growth for the present
financial year is still targeted
for 6 per cent and that strong
counter-cyclical policies a re to
be maintained to keep the worst
effects of the recession at bay.

Officials also emphasise that
the recent call for austerities—
about MS4bn is to be cot from
Government spending this year
— is a precaution rather than a
crisis in e a sure -

“ In fact the recession Tnay
prove to be a blessing in dis-
guise," said one senior Govern-
ment official. “ The economy
has been expanding relentlessly
since independence and it snay
be useful to stop and take stock.
When you are flush you “may
not be allocating resources in
the best way. This will force
us to economise.”

Sanguine as officials -may
still be. the country’s balance
of payments problems are
severe. Following a ’visible
trade surplus of over .MSTbn in
1979 and of almost M$5bu in
1980, Malaysia last year suffered
a deficit for the -first time in res
history— of M$890m.

Current indications' imply
1982 will be even worse. The
visible trade deficit for the 'first
quarter of the year was MS460m
as export earnings fell a further
8.9 ' per cent in annualised
terms. Tungku Razaleigh
Harazah, the Finance Minister,
forecasts a. trade deficit for the
year of over MS2bn. Added -to
the usual deficit on sendees
this is likely to lead to a‘ current

&

60i

GNP ►

1977 78 79 *80 *81 182

30

6 bn

VISIBLE

TRADE

Trade
balance

Imports -|
"TERMS OF TRADE

'1977 78 79 '80 *81

Sbn

3

2

1
+

01

1

2

3

X BALANCE OF
PAYMENTS

5|- CURRENT ACCOUNT
BALANCE
J I ■!_

1977 78 79 , 80 '81

. .SOURCE SANK NEGARA

account deficit of more than
M$8bn. .

Even 'after the. expected
strong inflows of capital the
country is likely to face an over-
all balance of payments deficit
of M$2bn. forcing further draw-
ings from reserves. In the three
months to March last, reserves
shrank by M$1.3bn to M$8.58bn,

covering Jess than 3.9 months

exports now- 0 f imports. A year ago reserves
~” 1 provided 5.3 months of import
cover.

Since the Government is
heavily dependent on taxes on
commodity exports for a large

Malaysia into a new and third
phase in its post-colonial
economic development.

In the early years after inde-
pendence priority was given to
import substitution. But this
aim was soon modified, mainly
because the smallness of the
local market and the compara-
tive poverty of the population
made economies of scale
impossible.

In the second phase emphasis

there is some concern that the
aim of transferring 30 per cent
of the country’s corporate
wealth to the indigenous popu-
lation by 1990 may not be met
without a fresh impetus.

For this reason the Govern-
ment last year set about buying
out major foreign plantation
interests in the country. The
short-term cost was very high
— perhaps Ma$3bn — but the

Government is confident that

in me second pnase empnasis Government is confident that
has been put on export promo- long-term benefits will come
lion. For _ a country like from bringing these companies
Malaysia this has brought tre- under domestic control,
coauneaii,* npurtg iuj n iai£c mendous rewards. But the Unhappily this heavy pur-
part of its funding, the slump in recession now gripping the West chasing programme coincided
world demand for Malaysia's has underlined to the Govern- with the present export slump
primary products is forecast by ment in Kuala Lumpur that this and has at least in the short-
the Finance Minister to create preoccupation with exports has term added to the country’s
carfi flow problems in the year made the country over- '
ahead. dependent on the fortunes — and

Spending cuts are the first the economic whims — of govern-
precautionary move. But if the ments over which it has- no

control.

problem becomes more acute
the Treasury is likely to put
increasing pressure on Petrcnas,
the country’s national oil
company, to boost oil exports
despite the recent decline in
world prices. Output is already
about 20 per cent above last
year's average of 260,000 barrels
a day.

Despite current adversities
Malaysia can be confident that
any upturn in the world
economy will ' have an immedi-
ate 'impact on its own economy.

Over the past three years all
Western industrial manufac-
turers have cut stocks to a
minimum. An upturn in world
trade will not only have an

In addition, -declining confi-
dence in international com-
modity agreements, which are
seen as being manipulated in
the interests of consumer
countries, has convinced many
that it is dangerous to rely in
future on -raw commodity
exports.

So Malaysia will in future be
re-examining the value of
import substitution. Its domestic
market may be small but if
taken as part of the ASEAN
region then It may be viable,
Malaysians are also much
wealthier and have stronger
material ambitions.

There is likely to be a strong

balance of payments problems.

All of these changes call for
maximum effort from the
country's still largely unskilled
workforce. They explain why
Dr Mahathir Mohamad, the
Prime Minister, has called for
the people to “ Look East '—To
Japan and South Korea.

Since Japan is by far the
country's biggest trade partner
and its second largest investor
(after Singapore), this policy
might simply be seen as the
Government realising on which
side its bread is buttered. But
at the same time much can be
gained from instilling the
Japanese -work ethic in
Malaysia’s rather happy-go-lucky
workforce and by adopting
Japan’s extremely successful
work methods.

trade will not only have an There is likely to be a strong Recession has slowed growth
immediate and strong impact drive to broaden the country's. j n Malaysia and is certain to
on prices .but will prompt a manufacturing base. Industries cau se short-term problems. Bat

in the longer term the country

surge in sales.

Having seen predictions of an
upturn constantly revised over
the past two years, Malaysia
for one is deeply sceptical about
assurances of an upturn by the
end of 1982. Tungku Razaleigh
expects no upturn at least un.til
the end of 1983 and is planning
accordingly.

The lessons of the current
recession are likely to lead

based on its oil -and gas
resources are already being set
up. Agro-processing industries,
particularly in timber and
rubber, will be built up despite
resistance from countries in the
industrial West.

Then there are pressures to

achieve, targets set by the new
economic policy. This policy,
laid down in 1970, is now well
past the half-way mark and

has the ingredients for strong
growth. Unlike most countries
in the developing world >r has
all the resources it needs to
generate its own development.
With natural gas about to come
on stream next year the Indus-
tnalisatian- process is perhaps
just about to begin.

D. D.

- Financial Times Tuesday August 31 1982

MALAYSIA III

6 Hi Politics

Sweeping victory at the polls last April has given Dr. Mahathir Mohamad and his administration a powerful platform to initiate new policies.
This page reviews the political scene and profiles som e leading members of the new government team

'ur i-

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spell

csp

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■■■ :,ji

backing from electorate

PROriLE: DR MAHATHIR MOHAMAD

, ■ "*■ ■ !•

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.'f- 7- t .

' "* 4 " " , ^

THE NEW atiminlrtratibn of x>r
MahatMr Mohamad went to the
pbils in April this year to win
a mandate from the country’s
14m people — and came away
with- the most resounding
success ever scored in
fitalaysia’s. .25-year history.

. . .The.' Gpverament's. national
| 'coalition, * dominated by the
^United . . Malays . ' National
Orgahisatipn (UMNO), won 144
■cjjF the' federal assembly's 166
seats 1 — 12. of Them imeontested.
iFwoc backing from over GO per
cent' of the’ voters.

' The victory had never been
ha -doubt but the size of the
coalition’s (majority was seen as
emphatic , support for Dr
.Mahathir*® call for “ dean,
efficient and trustworthy ”
government.

Ga ini made by the coalition's
43 dnese party, the Malaysian
.Chinese Association (MCA)
were. . also seen as providing
jrod ops emeu t for the party's
fcvpeai.- to represent the
cajuitry’s . Chinese community.

. jphich makes up 38 per cent of
the- population.

' /'-Despite talk both before and
' after . the election of Dr
• Mahathir's Government ringing
is : numerous changes (the
phrase- has caught on because

close collaboration between
jthe . Prime Minister and his
deputy Da tuk Musa Hit ami the
■hew government has so far
brought mpre a change of style
than of substance. .

Polities in Malaysia remain
in essence comm un i al politics.
The dynamic for political
■ activity. is the delicate balance
between the country’s racial
groups, .- Political parties are
still after 25 years communal
parries rather than class parties,
f. At’ .tiig .same time, while
elections provide an interesting
focus on the country’s political
personality they are hot water-
shed occasions as they are in
Adler democratic countries. As
one -leading academic studying
Malaysian politics .recently
- explained: . ‘‘.Real political
■Struggle, in Malaysia takes place

PROFILE: ISMAIL ALI

in parties between elections
rather than between parties in
elections."

Between elections the
component parties bf the coali-
tion normally undergo fierce
power struggles as factions vie
for controi of the party machine
and positions of party leader-
ship.

This is particularly the case
inside UMNO, the country’s
dominant party and. the leading
coalition partner. Leadership of
UMNO carries with it national
prime ministership . and control
of tite Government’s extensive
machinery of patronage.

For all that, elections per-
form a valuable function in
Malaysian politics, mainly allow-
ing the Prime Minister to re-
shuffle his party -and his, govern-
ment. This April's election was
no exception. Dr Mahathir's re-
allocation of seats among co-
alition parties (coalition rules
forbid contests between member
parties) and between indi-
viduals and - factions within
parties was extensive.

Inside UMNO, for example,
only 38 oi the -party's 69 federal
members were renominated. At
the state government level 106
of the 19S sitting members were
replaced.

For Dr Mahathir this re-
shuffle was more than usually
important It allowed him in the
wake of the election to bring
in phalanxes of “new style”
leaders, '. university - educated
technocrats; untainted by . the
corruption implicit in local
patronage machines and above
all loyal to him and the federal
government

, State governments, which
have considerable autonomous
powers and have in the past
been a thorn in the side of
federal governments, are likely
to be much more compliant to
Dr Mahathir's needs than those
in place before the April elec-
tions.

Two exceptions are likely to
be the governments in Malay-
sia's eastern states of Sabah

and Sarawak. Separated' frost
the peninsula by 1,000 miles of
the South China Sea, leaders
there have always tended to
plough their own furrows.

In Sabah fierce rivalry be-
tween the ruling Berjava party
and the United Sabah National
Organisation (USNO) overrode
the co-operation that should be
implicit between two parties
that .are both members of the
national coalition.

When Dr Mahathir allowed
USNO to contest five federal
seats in the -state, Datuk Harris
Saleh, (he ' Berjaya leader,
flouted coalition rules by asking
five of his members to “ resign "
and stand against the USNO
candidates as “independents.”
Berjaya and its independents
swept the board, giving a direct
snub to Dr Mahathir. This may
not, in due course, go un-
punished.

In Sarawak the main shock
was the unexpected victory for
two candidates from the oppose
tion Democratic Action Party
(DAP). The surprise reversal
was seen as a sympathy vote,
since the poll in Sarawak took
place several days after DAP
defeats on the peninsula had
been announced. But it was also
a warning that the large Chin-
ese community there is becom-
ing restive about the effects of
federal policies discriminating
in favour of ethnic Malays.
"For Malaysia's opposition
parties the election must have
been a rather frustrating
experience. The election cam-
paign was limited to 15 ’ days,
with a total ban on outdoor
rallies — both factors greatly
to the advantage of the ruling
parties;

Opposition resources were
tiny by comparison witb those
of coalition candidates, who not
only tended to get the backing
of big business but also often
found the Government machine
at their disposal.

Even where opposition sup- _
port is strong — particularly in [
the Chinese-dominated urban |
areas — constituency boundaries |

Investment head

- MOST central bank governors,
•rafter 20 years in the post, ■

•- Afoul d be glad to retire with
j honours for. a. _welV$a*ned-
'rest. Bat not Ismail AIL

He did get his honours— a
tuns hip (corresponding to a
peerage). '

But after putting in his
own proteges at the .Malay- .
sian Central Bank in 1980 he
went .on to head the Govern-' _
meat's investment agency,- .
Permodalan NasionaL Today .
the - . KLy ear-old -.Cambridge-.---
educated Tun Ismail is .
undisputably Malaysia's most
influential corporate figure.

As the Permodalan chief he
has the job of. .ensuring the
success of the new economic
policy — a 20-year blueprint
• for the nation’s ..stability
through the: acquisition of "at
least 30: per cent of the
: nation’s ’corporate wealth by
.the' Malays and other
indigenous . peoples (the
BomipOkss).

PROFILE: ERIC CHIA

In 1970 the Bumlputras
held less than 3 per cent of
this corporate, wealth. They
now control around 15 per.
‘ eeht.

To do his job Tun Ismail,
who is Dr Mahathir’s brother-
in-law. has virtually a blank
cheque from the Government
to buy, take over or invest in
Malaysian companies..

Permodalan now has stakes
In nearly 100 companies and
_.Its .assets are worth over
Ringgit 3bn. The agency
controls such giants as Bank
Bumiputra, Malayan Banking.
Sime Darby. Guthrie and
Malaysia Mining Corporation.
Major recent deals' indude
the purchase of 51 per
cent of Harrisons Malaysian
estates and the takeover of
some strategic companies of
the .Selangor State Govern-
ment'

As at the central bank Tun
Ismail keeps his Permodalan

team compact. As far as poss-
ible, he says. Permodalan will
not interfere in the running
of individual companies. “If
they are making money and
. complying with the new
economic policy we should
leave them alone.”

w. s.

Top industrialist

ERIC CHIA'ijf perhaps the best
iUustratioa of what Dr Maha-
thir raeans.-by “looking East”
"“’‘’There is nothing mysterious
Stout' the Japanese manage-
ment and work style.” says Eric
Uiita, a Itoriy six-footer. “The
Japanese ' work hard and are
- more human is their approach.
With "certain modifications we
ban dp it here." - .. ;

At : United Motor Works,
.where he. is chief executive,
this Japanese style is being put
.into action; -Decisions are
reached by consensus, first
among-. the five executive
• directors , j then, later with
the. operational directors .
.before - the department
heads, and- supervisors . are
.finally brought in. This tends to
glow down decision-making but
the : message gets across effec-
; lively; ' ■

. UMW spends a lot of money
apd time on forging closer links
amoDg it 8,000 ; employees. Free
Malay" and Japanese Glasses as

well as lessons in coojang and
flower arrangement are pro-
vided and employees sing a com-
pany song like their fellows in
Japan. .

BMW was begun as a bicycle
and car spare parts shop in Sin-
gapore "by Eric's father 50 years
ago but it was Eric Chia,
operating : from Malaysia, that
built UMW into a billion-ringgit
business today. .

UMW. which is. Involved in
distribution of heavy equipment
and in engineering and manu-.
factoring, pulled off a cor-
porate coup last year by wrest-
ing the Toyota car franchise in
Malaysia from Inchcape.

Eric. Obia, 49, freely admits
his debt to the Japanese and
Malaysia. The Japanese helped
him by giving ibim agency lines
on liberal" credit while Malay-
sia provided him with a home. ■
■Today, of the Ringgit 154m in
paid-up capital of UMW, the
Malays hold 33 per. cent, the
Chia family 28 per cent and the

Malaysian and Singaporean pub-
lic the rest

Besides UMW, Eric Chia sits
on the board of several major
companies, including the Heavy
Industries Corporation of Malay-
sia, and is a member of Dr
Mahathir’s panel of economic
advisers.

w. s.

PROFILE: AZMAN HASHIM

Corporate banker

.;"AEBSR MORE than 20 years
as ~a. banker it is very exciting •
' a bank.” says 43-year-
. blft who paid

. Bfimgft’Sfim last April for. 55
of .Arab Malaysian
Bank. He has
.. enticed Malek ,

.jfl gl amfip g" jar Sime Darby', to he
: hte managing director.

.’-\"™PT!w o 1 will-: • - a

^ breed
who

ATma n,^
Mabysbit; €

1- the
Bank in

1960 alter: returning with an
.aeconntaney degree . from
Australia. He left four years
later to start his own practice
and joined Malayan Banking’s
board in 1966. He was its
executive dVeetor until last
year. Cambndge-edncated
-Malefc was deputy secretary
general at the. Treasury
before ;fie joined, the private
sectors . • • ;•

“Arab -Malaysia is Malaysia's
biggest merchant hank but
we want to make it the, best
as well,”. says Aztnan. He
sees many, opportunities, for
merchant banking- since
Malaysia fc growing rapidly
and the; financial market is -
beginning to mature.

His aim Is to develop a
well-rounded banking and
financial group witb interests
not only in merchant banking
but commercial banking,
finance companies and insur-
ance as well.

Azinnn also has a 40 per
cent stake in . the publicly
listed Taiping Textiles. With
a bank" and a publicly listed
commercial enterprise, he Is
well placed to build a
corporate empire.

. A start has already been
made, with Taiping Textiles
moving decisively into pro-
perries by the recent
acquisition of five property
companies.

- Besides managing his own
fledgling business empire
Arman sits on the board of
Malaysian Airline System and
Malaysia Mining Corporation.

w, s.

a re drawn in -a way that
greatly hinders • chances of
opposition success. For example,
the densely Chinese-populated
constituency of Pelaling Jaya
in Selangor has an electoral roll
of almost 115,000. The penin-
sula's smallest constituency—
inevitably it is in a rural .Malay
community — has just over
'24,000 votes.

Given this weighting- in
favour of the Government the
consistent support for opposi-
tion parties is surprising. Even
in' ihp latest polls, where the
result would imply a strong
swing to the Government coali-
tion if measured in terms of
seats won, opposition support
stayed remarkably solid.

The Chinese-backed DAP lost
10 of the 15 Federal seats it
had won in the 1978 election but
its voter support fell by a bare
1 per cent to 20:3 per cent.

Similarly, the opposition Parti
Islam, which as its- name
would Imply wins backing from
the more conservative \ Malay
voters concentrated in the four
states of Kelantan, Trengganu.
Kedah and Perils.' managed to
win Just five Federal seats. Its
support nationwide is just 14.5
per cent but it won almost 47
per cent of the vote in
Kelantan and over 41 per cent
in Trengganu. Even in Kedah,
the' home state of the Prime
Minister, it won the support of
over 32 per cent of the
electorate.

While Dr Mahathir can draw
comfort from the parliamentary
majority he has won it must
be a matter of concern that such
a large percentage of the popu-
lation remains impervious to the
appeal of coalition parties des-
pite the weight of the pro-
paganda machine mobilised
during elections and despite the
amount of patronage which sup-
port for the coalition can
ensure.

David DodweO

Leader with strong ideas

Mahathir's past year in office as
Malaysia’s fourth Prime Minis-
ter has brought about a change
in style and direction and
heightened the expectations of
the population.

He has shaken many an
* establishment. Civil servants
may sill) grumble but they,
nevertheless, hove to dock in
for work, wear name tags across
their chests and declare their
assets.

The generals have been told,
_«£»*»., and have accepted gracefully,
that they have to do with less
men and less expensive weapons
SOME PAPERS have enthusias- systems under the present diffi-
tically called it the “Mahathir cult period. •
transformation.” Certainly Dr In-the political and corporate

PROFILE: ANWAR IBRAHIM

spheres Dr Mahathir and his
deputy, Datuk Musa, have
planted their men at strategic
positions. They have succeeded
in chipping away the once para-
mount influence of Tengku
Razaleigh, the Finance Minister,
in the economy.

The charismatic Datuk Harun,
regarded as the third most
powerful politican. is held in
check. The Prime Minister Is
giving him no cause to rebel
and Harun stays on the political
sidelines, shackled by the con-
straints imposed by his jail
terra.

Dr Mahathir promises to in-
stil “the fear of God” among the
corrupt and there are visible
signs of -unease among those

who have amassed ill-gotten
wealth.

But for all that the Mahathir
regime remains fragile, uninsti-
toiionalised. His major policies
have not been severely tested
as to their worth nnd durability.

His “Look East" policy has
generally been met by confused
perplexity among planners, not
to mention chagrin among
Malay intellectuals.

Dr Mahathir wants his rule
to provide the launching pad
for Malaysia to leap into the
front ranks of the nations. Only
time will tell whether Malay*
sians can live up io his expec-
tations of them.

Wong Snlong

Guiding hand for Islam’s role

PRIME MINISTER Dr
Mahathir Mohamad pulled off
a notable pre-election coop
earlier this year when he
penuaded the charismatic
Moslem intellectual, 3 5-y ear-
old Anwar Ibrahim, to join
the United Malays National
Organisation (UMNO), the
principal Malay element In
the ruling National Front
coalition. Anwar headed the
highly respected Moslem
youth movement, Abim, and
brought with him a solid
wedge of reputable Islamic
snpport which might other-
wise have gone to the funda-
mentalist Moslem Party.
Parti, Islam (PI).

Anwar first came to promi-
nence following the May 13
riots in 1969 which threat-
ened to spiff Malaysia along

racial lines. He was a suffi-
ciently popular student leader
at the University of Malaya to
attract the attention of the
security authorities; he was
detained under the Internal
Security Act for consistently
acting “in a manner preju-
dicial to the security of
Malaysia . . . with the ulti-
mate aim of overthrowing
the legally constituted
government of Malaysia by
unconstitutional and revolu-
tionary means.”

Back in. political favour,
together with Dr Mahathir
wbo similarly suffered a poli-
tical eclipse in the early
1970s. Anwar Ibrahim is
now a deputy minister In the
Prime Minister's office with
special responsibility for the
introd action of Islamic con-

cepts into the country's
highly pluralistic society— a
task fraught with political
dangers. UNDO has to tread
a delicate path in order to
represent Malay interests,
while containing the appeal
of religious fundamentalism,
temporarily rejected by
voters bnt fuelled by Islamic
nationalism abroad.

While suffering a decline
— Anwar soundly heat his PI
opponent in the election — (he
more theocentric parly won
enough seats in the eastern
states to maintain a credible
presence there. The Islamic
missionary groups, moreover,
continue to make headway,
particularly among young
well-educated Malays.

V--*t

jr

fr*+r

. . /■

Kathryn Davies

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L

Financial Times Tuesday August 31 1982

MALAYSIA IV

Foreign Policy

npiifraiitv” is the guiding principle of foreign affixes. At the sanse

The concept of South-East A«a as a“z^ of E’traL^^artners new and old-notaWy Britain, Japan and Singapore
time changes are occurring which particularly anec iraningp

Some shifts but commitment to Asean group

MALAYSIA’S foreign policy has had a
thorough shake-down over a year of Dr
Mahathir’s government. New initiatives
have been taken aimed at resolving the
conflict in Indochina, a chill has fallen
over official relations with Britain and in
attitudes towards the role of the Com-
monwealth. A militancy has arisen over
international commodity agreements and
a ‘‘Look East” policy has been earnestly
espoused.

Yet for all the appearance of sudden
breate with past policies Malaysia’s over-
riding and distinctive foreign policy
priority remains unchanged. It was first
articulated by Tun Razak in 1971. who
called in vain on ASEAN to make a “de-
claration of neutralisation of South-East
Asia.”

More recently Malaysian governments
have called for South-East Asia to be
made a “zone of peace, freedom and
neutrality.” with Super-Power influence
kept to a min im u m .

The concept has never formally been
adopted but the spirit of Mates* 1 * s <aU
has been shared by its regional parmers
and substantial progress has been made.

While genuine concern remains over
the struggle for power i? Kampuchea, a
level of calm and stability has been
achieved in the region that would have
seemed inconceivable in the 1960s.

At that time the Vietnam war shook
the region. The fear of Communist infil-
tration and insurrection, encouraged by
an extreme and xenophobic regime in
Peking, was acute.

From the south President Sukarno of
Indonesia threatened neighbours with
“confrontation.* The Philippines were
making territorial claims on parts oftne
embryonic Federation of Malaysia. Even
closer to home Lee Kuan Yew in Singa-
pore was following, a political path whicn
made break-up with the tiny island state
inevitable.

The Association of South-East Asian

Nations (ASEAN), first nwotedinl9ffJ

by Indonesia in the wake of President
Sukarno’s overthrow, has

SSy rele over the past. 15 years *
pouring oa_(m_theregions a ttmw^

has also been instrumental in M"”*
Super-Power contention to a minimum-

Malaysia’s main foreign polio ’«™«K
today is Indochina— or more specifically
the presence in Kampuchea of the
Vietnamese-installed Heng
eminent and Vietnam s lSMJOO^trong
occupation force in the country.

For three years the ASEAN member
states have led the diplomatic efforts to
end the conflict m Kampuchea. At first

this joint effort played an important part
ip strengthening ASEAN and e °“JJ rag
Eg dose co-operation between tje™-

But as time has passed and inter
national interest in the issue has faded so
differences in perception have emergea
among ASEAN members, with each
having a distinctive perspective on tne

Britain gets the shock treatment

DR MAHATHIR MOHAMAD.
Malaysia’s Prime Minister, is a
firm believer in the political
and economic value of shock
treatment. No community in
Malaysia at the moment will be
more acutely aware of that fact
than the British.

Piqued by what was often
felt to be smugness and com*

UK Trade Directive: “Everything else being equal, or even
slightly unequal, we would buy non-British. If the difference
in price is, say, 5 per cent we would still boy non-British.”
Dr Mahathir Mohamad.

Neither Whitehall

placency by British businessmen British business interests yet
who had rested for too long on quite what has hit them;

— community over Malaysia’s

“predations" on companies
ne else equal, or even quoted on the London Stoat

- i fi reference Exchange with substantial plan^

non-British. K the deference ™H£ terests the penm-

would still buy non-British. &a j a was rightly seen as hypo-
critical and unjust.

. i^e uproar in London

endorsed Dr Mahathir’s view.

„ _ . expressed in his book The

What the British failed to jjgjay Dilemma " over a decade

note adequately was Dr Maha- a g o; «■ Europeans came out east

the remnant laurels of colonial nor ,j 0 they know how best to
power and affronted by snubs respond.

thiris personal bias against conquer but to trade. In

Britain and his desire to demon- ^ quest for trade, however.

strate vividly his unwillingness A ey were prepared to do any-
to remain for ever the economic thing. They made treaties and

made it all too dear that ~Dr Mahathir's shock treat-

S.S'SilS! ff!S»SEJSV

regard for what Malaysians still a bolt from the blue for at relationsl^mvra^i^^
saw as a “ special relationship two reasons- First, it was supplied iwj ! .... .. .f thO

But as the quotation, makes

saw as a "special reiauuuau»H least two reasons- r ii.au «. — - ----- - . thp tsiti as uu«

with the motherland. Dr always felt that Britain had manufacturing industries of the dear ^ Mhhatihir said the pre-
Mahathir last October issued a made a great success of wean- West datoiy attitude was as common

directive that sent shockwaves Malaysia to full indepen-
through the British expatriate <jence without violence or anti-

community — and through colonial upheaval. Britons back

Whitehall.

in London’ may not have been

They to realise what a to Europeans, not exclusively
convenient scapegoat they were to Britain. This adds to the per-
as Dr Mahathir strove to instil plexity among Britons that they
a stronger sense of national should be so singled out.

Insisting that all Government aware of the ” special relation- and— through his “Look nevertheless become

contracts involving British ship ” expressed by Malaysians East » p^icy—to i^ect rnore deaj . ^ Dr MahathiT’s direc-
tenders must come directly to but those in Kuala Lumpur or vitality into the work ethics of ^ not a n in e-day wonder.

LcOUCia iumol w -- — __ . ; i j viuauj ‘“•■w — - — .

him. Dr Mahathir imposed elsewhere in. Malaysia oasKea easy-going people

what amounted to a boycott of in it daily.

HM I I if I CmiVUM ~ V , . 9

British goods. Given a choice Secondly. . Britain s many ox ^ but " British investors. Invest

^tween competitive tenders the eminent position as Malays as ances were genmne. Hr SSit in plantations and other

Many of Dr Mahathir’s griev-

tive was not a nine-day wonder.
Malaysia wants not British
salesmen knocking at its door

Invest-

Essssrzss ■snsfii w w pk , S S£5SSSSmSSm

reject the British tender. since been eclipsed b V JS££i enough. Improvement in reJa-

reject the British tender. wuw «wi w-i-— fnr a enougn. unprovciucui u* *“•«-

The policy remains intact to It has always Seen^ttoutht ajjttd “-g- 1M0D Hone will only "L™

since been

this day, with attempts to
calculate Britain’s export
losses ranging between £30m
and hundreds of millions.

that it was the Japanese who country with "over ' 15.00C

were resented in the region as students currently in Britain.

a predatory
animal."

*■ economic

Anger in the British business

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nature of the Vietnamese W t * [the
region, the longer term threat from
ClSna and the best tactics for achieving

* Emitted to a war of attrition agmnst
support is eroding for itspoation made

3?™. «-si. r -o

e~the ajip - «sas«“

summer when toe S«r M tt-

“S Prince Nmaom Sihanouk end
___ Khmer Prime Minister Son Sann m
Kuala Lumpur to establish a tripartite

C °Few° people are «llltu

the coalition will for lor®-

it is a marriage of dubious convenience

—but it allows ASEAN to go to the
General Assembly this autumn and ask
members to back, the coalition against
Heng Samrin instead' 1 ^ . a»aui as»“S
support for the Khmer Rouge regime.

In the wake of a major tour p*
region by Nguyen Co Thach, Y^etnams
Foreign Manister, no one - would dare
claim that progress on substamive issaez
has been mad a life m Kampudiea
under the Heng Samrin regnne
steadily to be returning to normal. Prcj
pects of Vietnamese troop withdrawal
remain dim without a sigafficant soften-
ing of China’s attitude towards Vietnam.

If there is any softening it is on the
part of ASEAN members, where

like Malaysia and lndonesiaare .ad.amant
that doors to Hanoi must be kept open-
Even the hawkish Singapore Govern
ment is qmetiy discussing the Sketihood
-of Heng Samrin being P ers y a< *“J 10 Ji‘5?
the recently tripartite

tion — perhaps at the expense of tne
Khmer Rouge.

The conviction inside Malaysia

tSSm & a

wSl in future be an toff 1 ™
CWne; osiers made ASEAN

’diafe that view.

But while 'hope f«

Pn-rdhm and nKitrahty in the repon
Sdirti fulfilment than at any

has appeared over the horizon. i

Western governments, partioilariy ■
that^f the U^, seem to have fore^ten
that the often-tended ■ stability of the
strategically important SoutfrEast Aman
SEhT prenroed -bn rapid economic

gHSSwl

SSSSirssa

luxuries <rf life- , tt

David DodweB

Relations with Singaporejn happier ^vrfn

and after painstaking effort

D. D.

RELATIONS between Malay-
sia and Singapore have
undergone a transformation

ever the past 10 yeare.
Prime Minister Dr Mahathir
Mohamad recently said:

“ Singapore^ success storym
the economic and soci^ fields
cannot but be a model for
Malaysians rather than an
object for envy. What we do
within our own country is
therefore contributory and
complementary towards each
other’s progress.”

This was a marked shift
from Dr Mahathir’s view of
Singapore in 1970. which he
arttonlated in his famous

polemic. The Malay Dilemma.

-In the Malay archipelago

Singapore stands out like a
sore thumb. Singapore’s pro-
gress and prosperity miwt
depend on, indeed must be
at the expense of, her neigh-
bours ... the only reason
why the regions hip between
Malaysia and Singapore is not
more strained than it is now
is because the Chinese in
Malaysia wish to_ maintain
good relations with Singa-
pore.”

M«*i«rtifr W as not alone
among Malaysian politicians
to have his suspicions of
what one Singaporean rue-

fully says they referred to as
“this upstart of a young
state.” Relations between the
two governments were un-
happy from the creation of
the Federation of Malaysia m
September 1963; the Malays
were only just in the overall
majority in the new entity
and feared that Lee Kuan
Yew’s tiny Chinese City State.,
would end up calling the
political tune, whereas the
unofficial arrangement in the
eyerf of Kuala Lumpur, was
for tins Chinese to run the
economy and the Malays the
politics. _

In a welter of mutual
recriminations the two
countries went their separate
ways in August 1965. Mahathir
subsequently spelled out in
his book some of tbe areas ot
conflict between the two
neighbours: Malaysia’s over-
dependence on Singa pore a s a
trading partner, discrimina-
tion against the employment
of Malaysian nationals in
Singapore and theriose
economic ties between
Chinese families on both
sides of the causeway which
seemingly threatened to
undermine Malaysia’s eco-
nomic strategy-
jjet all causes of friction

have been overcome buttfcere
has been a profound
in the public attitudes of both
governments towards^ each
other and Singapore* i Lee
Kuan Yew went <>«t of Ws
way to . congratulate mmt
Mahathir when he became
Prime Minister.'

Economic success has bred
greater mutual respect.
Malaysia’s own evolving eco-
nomic maturity . and the
diversification of the

wav due to become fully

independent from

1983, have also been *»thed.
Malaysia has dropped*^

territorial claims to Brunei

25™ teSctiveiy IW

independent membership^

Asean, thus allaying Stnga-
fears that the hahmee
of regional power might be
drastically upset- . „ . .

To ensure that bilateral
relations remain at tbis^reia-
tfvety cordial level an inter-
governmental committee.

pore economy have left tbe Jgreed daring former f Prin\£

two countries less wary of Minis ter Hussein Onns visit

other. IMerdependeuce, to Singapore two years ago.

however necessary but once
bitterly resented m Kuala
Lumpur, is now seen to
have advantages. ,

Malaysia has Improve d its
infra structu re, including vital
arterial highways and ports,
in an effort to trade directly
with the rest of the wend
and not exclusively through
Singapore. The City State,
for its part,. no longer con-
stders that the Malaysians
“are taking away our rice
bowl ” as a Singaporean
diplomat put it .

On the political front,
strains over Brunei, the tiny

oil -rich sultanate sandwiched

between the eastern M*!*?’
ginn states of Sabah and Saia-

Mhtister Hussein Onn s visit
to Singapore two ?««« 1 :
meets every six mounts at
foreign ministerial level— to
act as a fireman,” says one
ctvfl servant. Problems which
might otherwise escalate into
major confrontations can be
dealt with early enough to
nip them in the hud.

Dr Mahathir has takenthis
initiative one stage . farmer.
His civil servants have been
told to co-operate with their
Singaporean counterparts,
ignoring any residual racial
antagonisms which might be
felt between a predominantly
Malay bureaucracy and ns
Singaporean Chinese equlva-
Ienti : . .

Kathryn Danes

Focus on Japan as

Mowing to. Viotom Mg -aTlfflSSSjSSWnt

APAm-n-w™ hSs’Spwst^ ^“sssrasrissfR

— 135 in all-are short j to ufl tocre^e trade, desperate need for natural re ^ beon !o olc

SSu* ha n ve eXP fa n r me reachiS M^ja ^M^ysia to Japan’s^ largest

vp——— — - . _i

have for a long tune been look-
ing West, as did Japan in the

could have far reaemng f^T&uth Korea last J / 5* K e^ly days of her development,

consequences both for their o g ^ortine S346m. supplier ttf natural w n0 longer a

for its new.found year while exporting 5346m. supper « — and tin Bl?t t h e WeJ. is no Jonger a

model 7 Japan. They are the japan is Malaysia’s biggest Jjj 0S5 . when . the Bintuiu ?!?[£ j«.a .Tarvan mav be

S«f ell of J ’Several U ’gToup* S SSSi pS^j-JS-

toeinooc to he sent tooV over 1 from Sngapore as its Japan will import, vntur classified as acre pc

industrial trainees to be sent took over' from Sngpore^ stream Japmi .\s

to big Japanese corporations top investor, aUy Sdiittofaracb letter example

f Sa°^ ss ssss& aJsSt * "RrSsJs

to Japan’s post-war ority m 1981 amounting^ to ^ pr0V xdmg aid throu^ rts The _ tormation M xnre
SSSSiic succe^Di thTnext m** J m.AustraHa odtt* M- Official Development Asaistenre JSElSSm

SSSSCvq 3SS3HW sgSE

with world-famous names such Es^wrts to Japan projeots. _ . < j ose j v to avoid excessive

is Matsushita. Nippon Steel. fr^MS954m in th e ^ to tfour But w hae J a^n « d<^ .m ^ mar .

Hitachi. Sanyo and Toyota. months of SSny ^he ^apaneee iS^ ke^at a time of world reces-

It is the first time that Japan the corresp«m*i^ 1 P^ i< »JS! “SSSWrehi Vlow ptfliti- ,ion. But there are .serious

It is the first time that Japan the coriwj»™gs iK bonSit mrP ^nVh r taken a low ptfliti- s ion. But there are serious
has ever cooperated on suA yiar. - The JKSffltTno doubt mindful of doubts in both Malaysian and

a programme involving so jnany heavy anti-Japanese demonstra- Japanese business circles abou.

fnroiem workers, althourii manufactured products, a yj tp lova iHrerted at urhofhor the Japanese work

young foreign workers, although manuftetured ^^- “ on s N early 1974 directed at whether the Japanese work

the numbers involved are small tr ^ s ga p what, was perceived to be et hie will “take in a verydif-

compared with the 30,000 ^ Malaysia’s japan’s “economic imperialism ferent multi-racial society- '

Malaysian students etteudm* s Ukely to swng in s ^ none of Japans tradtuons nr

Malaysian students auenaiu* - nese start in South-East Asia. none ot Japan s u«

courses in Britain. Australia from "However, it is Japan’s phent>- cultural homo geneity ;

courses in »mam. ^ -atnral eas from However, it is Japans. P n^

and the U.S. None the less, the imputing natural gas economJc growth in the

successful implantation °f the Bintmu. _ h wo . intervening period which has

Tansnou nqvphc into Malaysian Since 1966 Japan n as pr j - 0 -;^,*.' Minister Maba-

The Japanese themselves
seem slightly bemused at ha-.--

*t, a cnntliprht SO abrupt iV

acle will
pressure

Dr uaanainir mouduiaw u-wr,, ami Bin- While some wuuiu * ceruumi « «*• '*y ~r

his countrymen to “Look East, litie* ra J^ore^ru airtBm ^ ood WO rk ethics on Tokyo to transfer techno off

nro to T>rove durable.. tulu and. the Coonaugtot_Brx^ fmin S doser to home— knowhow to Malaysia if it

are to prove durable. tulu and tne foun d closer to homo- and knowhow. to Malaysia 11 «

The Look East policy alw gas ****** ^Shton^mtSje in among the country’s own ethnic wants economic relations to re-
includes South Korea, with Japan s heightened r.hinese population and _ m main cordial.

includes South Korea, witn japans Chinese population and in

which the Malaysian recently re^onwpartiy « respite S ingapore-it is ito

SSfto ta&fSTgg — I^^Vericans Japan that Dr Mahathir is

K. D.

the ROLE OF ISLAM. Kathryn Davies interviews Anwar Ibrahim, the deputy
with special responsibility for the introduction of Islamic
concepts into Malaysia’s pluralistic society dlsl

Whet Is the rtrle 5 wff ffld Sw dwidT to join Islamic Bank is just a modern

taoebem Malaysian polrtieal We ■ Why did J0a * \ banking system, without levy-

I think Islam has always Mahathir’s administration. . interest or usury on people:
been a force to be reckoned Firstly, I was never keen to j it j Si therefore, free

with by the ruling parties ana work with any of the opposition j rMQ jjgjjjg exploitative But
by opposition parti e&—even parties. . . at the same time we ^ te rms of participation and
n«!-MosIem parties. The Malay (Abim) have established good jn-magement, non-Moslems are
identity and Islam are some- rap port with government free t0 take p^rt.
what indivisihle. But of course leaders. particularly Dr do not want be por-

the awareness, Ihe conscious- jjahathir, even ‘ w |'£ n we trayed as a bunch of fanatics
ness and the relevance of Islam strongly disagreed .with many somev m en . on the lunatic

in terms of our economic ana 0 f his actions. With the new 1 d 0 not deny that

social life are felt more now. ^ministration I saw the readi- there are some excesses even
More and more of our inteHec- ^ the Government to the Islamic propagation

trials, even those that are undertake meaningful reforms m0 vement but I don’t think
trained in the West, are tailing and programmes, to disaphne ^ can he pat forward as rep-
for meaningful Islamic reform®- society stron^y against conmp- resenting the general thinking

■ . Tjtla «ac Bank. The just because they disagree with

for meaningful Islamic reforms.

’ , 3hS«r ^ Similarly, we are talking

ftSST* ? s r X7ef?rte 'iSSr'-raTS

We do not want to be por- be against any form of exp 01 *
trayed as a bunch of fanatics tation. to be active in combaLins
somewhere on the lunatic ramsm. corruption,
fringe. I do not deny that Of course I wouldsee it from
there a« some excesses even the Islamic perspective. ^m!e
within the Islamic propagation the Christian would sa.
movement but I don’t think wants to lookait i nm the
they can be pat forward as rep- Christian perspective. Td nsre

* - -- .^u-- no qualms aoout that, as long as

.To what extent ha& Parti tion, to be more committed to ^ trend in the country. The we tty to put a better s^ndarc
Islam been responsible for the eradication of poverty. I Government is committed to that’s generally acceptable to

miAju *—r- - . ui. « — r - , uovcruiutsiu wvjuhullw — - u

tag the ruBng coalWon Wo want to sound arrogant, having some Islamic pro- the community. I think us

moving in an Islamic direction- because it’s really a pr^icai ^mrnes but we are also com- “ 0 ™ significant to ensure that

_ _j n iwi,lhr T ju.. T wmtnlinla _ - .1 , *vl> TeTsmii* TTfiTlB-

I think very minimally. 1 that I can oontrante t o ensure it is a rational .this Islamic movement trans-

was one rf those who was criti- ^ a small way to ensure view, that it Is justly done with cends the Malay and the
cal of Parti Islam’s paruopa- that this process wffl be mean- measure of tolerance and to Moslem mood to become the
ingfol and effective.

cal of Parti Islam’s participa-
tion in the coalition (1974T8)
precisely because they, Jaoced
articulation to put their ideas
across to both Moslem and non-
Moslem. To he objective, the

accommodate the wishes and

How will the M h untea floo ambitions of the non-Moslem
process affect minority races? people here.

It depends on how you per* vPbat ^ Malaysia’s long-term

MOSiem. 10 DC IWICLU»W| 7 - Arc* nu«*rera#lBJ 0 i«B»

impact of Islam cma^Wy em« toe Ie . pta» for W«nl«tion?

general Malaysian mood.

These values would be gener-
ally acceptable to the DAP?

I’ve been maintaining
jugs with DAP leaders even
after joining the government.

impact OI isiam utmw -- - . - . we j le . pun arter joining me povemmeuu

from groups oumide the pohti- P^ce ^ th how^ po^es. In .a system like ours it is They would say that there are
cal arena: student and ! youth ^ ^ate is taat in competitive coexistence. People still excesses, that in particular

prnn»T eeneral dokwa for What is unfortunate is that in comi
ISmir nronaeation bodies), many Moslem societies the per- are :
CoSSLa %tt m”w otter ception is veir doctrinaire ad lenu
SEStriB? tli?“overmpeiit has dogmatic. What we mean when proh
h^en^imewhat toiemh’not only talk .boat o *2

participate

moments or gramme of Islamisation in this present modern baniting system, be patient, nm to condone, but

but ge?ere*S towards Suntry involves institutions But they cannot be deprived we are taking steps.

Financial Times- Tuesday ' August 31 1982

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'•* ' * t

MALAYSIA V

The Chinese

Malaysia’s substantial Chinese minority — ranging from the well-to-do businessman to the rural smallholder — are looking to the new political coalition to give
a more sympathetic ear to their demands as a community. KATHRYN DAVIES reports below, with profiles of a representative trio.

ch to integrate aims within a multiracial society

THE POLITICAL choice for Malaysia’s
substantial Chinese niinoritv in the
years since the race riots of'lfav 1S69
has been either to work within a AfaJsy-
domwated -government coalition, seek-
ing modifications to or compromises
with the New Economic Policy, or to
confront the Malay majority bv fighting
for specifically Chinese economic and
S ? C1 . ri ? hts * They had to make their
choice in the context of political parties
organised on racial lines, with the
Chinese vote split largely between the
Malaysian Chinese Association fMCAi
and the Democratic Action Party (DAP).

For the moment a substantial part of
the Chinese community seems to have
decided that the conservative business-

THE SHOPKEEPER: LOH WAH ON

orientated MCA is more effective, an
impression that was reflected in the rul-
ing coalition's sweeping victory in- May.
The opposition DAP suffered severe set-
. backs at both national and state levels,
with ite representation cut from. 16 to
9 parliamentary seats and those at state
level from 25 to 16 seats. The MCA in-
creased its parliamentary strength from
17 to 24 seats (out of the 2S it con-
tested;.

The compaign style of the 2-Ms
(Mahathir and Musa! undoubtedly had.
its appeal to a Chinese population whose
own work ethic coincided neatly with
“a dean, efficient and trustworthy’'
government. The fact that Dr Mahathir’s
exhortations to Malaysians to work

harder and more productively, together
with the “Look East” policy, were
seen to be directed mainly at the Malay
majority, also went down well with other
races.

As the MCA argued to some effect,
under the Malaysian political system the
benefits of development tend to go to
constituencies which return pro-govern-
ment candidates; “ The DAP can shout
rill the cows come home" notes one
political scientist. But the swing away
from confrontation politics may not
survive the next elect 5 on unless the MCA
can prove its point.

During the election campaign Dr
Mahathir sought to woo MCA voters by
promising to pay special attention to

the views of party leader Datuk Lee San
Choon in cabinet. But the more .radical
members of UMNO, and particularly its
youth wing, are ever-vigifant for signs
of any backsliding- to the implementation
of policies designed to give the Malays
a bigger share of the country’s economic
cake. Even if he wanted to accommodate
the needs of the Chinese, Dr Mahathir's
room for maneouvre is limited— and so
es that of the MCA.

Successful Chinese businessmen such
as MUI’s Khoo Kay Peng. Tan Koon
Suan of Multipurpose and Supreme, Lim
Gob Tong of Genting Highlands and Chua
Boon Unn of Cycle and Carriage have
undoubtedly found it possible to live
prosperously in the new political climate

nnd are happy to give their public en-
dorsement to Dr Mahathir's government.
Bui anxieties remain, particularly for
those outside the Chinese business' elite
to wham the MCA must appeal for
bzwd*bsMd support.

About 70»MWU Mai ay sj an Chinese have
outstanding applications- for citizenship
which arc repeatedly deferred for
reasnm which stein obscure. Chinese
complain that they have difficulty in
acquiring passports for overseas travel.
Politicians of all Chinese police:! I
parties point to boundarv change-, which
have made many constituencies -lop-
sided ” — heavily dominated by Malays.

Tnc most sensitive issue throughout

the Chinese community remain? educa-
tion and with the effective deitiHe of
the idea of a new Chinese university the
focus is on the official policy uf deliber-
ate discri mi nation in favour of Vu!a>
uw vend i.v entrants. Chinese parents who
can afford it send their children abroad,
while among Those who cannot, resent-
ment is growing. Virtual debarring
from entry jnto the civil service *s an-
other concern for middle-class Chinese
with professional qualifications. MCA
Senator Tan Koon Suan noted rcn-miy.
"Today the Malaysian Chinese are still
•n the process of identifying their
dilemma and a magical formula fo the
solution of their problems b .still far
away.”

Typical of the many small
family businesses

MOST. C HI NESE share the
same values: hard work, thrift
and., reverence for education.
But the conventional stereo-
type of the wealthy Chinese, an
inspiration in his own com-
munity and an irritant to many
outside, applies only to a min-
ority of successful entrepre-
neurs in Malaysia. More typical
is the small businessman* with
: a family or clan-orientated com-
mercial or industrial business.
Such people have traditionally
regarded the MCA as the party
of the powerful and have tended
to vote in large numbers for the
opposition DAP. But Chinese
political allegiances- may be
changing.

In any case, according to
leaders of the Malaysian
Chinese business community —
mostly closely allied with the
MCA-^the days of the small
man are numbered. -The in-
creased economic participation
of buiniputm (Malays) backed
by the Government, together
with a much more sophisticated
business environment are put-
• ting the lone- entrepreneur
under threat.

But this news of their Im-
minent demise does not yet.
seem to have filtered down to
the estimated v 125.000 - to -
380,000 small enterprises (de-
fined as units which employ
fewer than fifty people and have
fixed assets below M? 250.000)
that still seem an integral part
of economic life not just in
Malaysia but all over Asia. In
one of the most popular shop-
ping complexes in Kuala
Lumpur one finds a labyrinth
of boutiques, beaut?’ parlours
and _ open-fronted video equip-
ment emporiums, blaring out a ]
deafening cacophony of 1
Western, Chinese and Malay
pop music. There sits the small i
Chinese entrepreneur, often <
employing; other family mem- 1
hers and working a 12-hour day ]

six or possibly even seven days
a week.

On the second floor of the
complex is Loh Wah On's
colour processing laboratory,
which doubles as a retail out-
let. He has two other shops
elsewhere in the capital. "I
believe that my busings is a
family business. I don’t think
it’s ever going to become a
conglomerate."

-Businesses good- now, but' a
Jew years ago WaJLO&.yas close,
to bankruptcy. The 34-year-old
returned from a three-year
training and job experience
course in West Germany with
MS 5,000 of savings and a de-
termination to start up on his
own. (Most small-scale . Chinese
businesses start with capital -of
less than MS1Q.OOO.) “I got
into debt, big debts. Basically
it was a matter of cash flow. My
family comes from the kam-
pong (village) and I’m without
any family [financial backing]."

By this time Wah On was
married and his wife, who
owns her own boutiques, and
her family chipoed in to clear
his debts. Then he was eligible

THE VILLAGER: YAP KEE YONG

Happy but short of facilities

YAP KEE YONG. 41. gets up
at 3 in the morning to collect
the. latex from the tiny cups
strapped to his rubber trees.
This task, the first of his work-
ing day. will go on until be-
tween 9 am and 11 am unless
il. is raining, when he will not
depble to work at all. On a good
day he should be able to sell
the latex he has collected to a
licensed rubber dealer for be-
tween MS 10 and M$ 15, - al-
though falling world prices are
affecting his .income, .On .the.
days, he does not collect the
latex.’ either because of the
weather or if he is lit he 'earns
nothing. • ■ •

'. Mr Yap is one of 1,200 largely
Hakka-speatang Chinese Maky-
slahsin the New .Village of See-
long— one of more than - 450
euehi villages throughout Malay-
sia originally designed by the
authorities to isolate potential
support for the Communist Party
of Malaya fCPM) during the
Emergency in the late 1940s and
the 1950s. :-

Seelong is about 25 miles
north west- of the state capital
of 'Johor e. Bahru. The villagers

. were allocated about seven
acres of land each on a renew-
able lease of 21 .years. Most of
the families in Seelong, like Mr
Yap, are rubber tappers. Crops
like coffee, pahn oil and pepper
are also grown.

In the afternoon Mr Yap, will
plough and cultivate the part
of his land not given over to
rubber. Although he does not
grow enough produce to sell,
his vegetables help him and his
family of six children towards
..self-sufficiency in food. . .

Normally he. will work a 10-
hour day and a seven-day week.
There is little time for leisure
and the village has few recre-
ational facilities anyway. There
are two grocers, a coffee shop
and a community hall. There is
no doctor or pharmacy,'
although a medical team, visits
the village once a week. When
Mr Yap became seriously ill
two years ago, he went to Singa-
pore for treatment. “He’s a
rich man " jokes a friend in the
local coffee shop.

Like the other villagers Mr
Yap has dug a well on his
property which provides his.

... .....

- :

* j , -iup.at jf fcj the morning to collect the latex.

1 v‘5

'■ <3*,. '*

n only water supply. Local
r* streams are used by the women
hf to wash clothes. There is no
r regular power supply in See-
s long but two privately owned
r generators proride the village
irith electricity between 6 pm
| and 6 am at a cost of MS 14 per
t month per family. Mains elec- j
a fricity, promised before last
t May’s election, has not yet been
„ connected. There is no public
s transport to the nearest town.
s Kulai. several miles away, and
no secondary school,
i. Mr Yap joined the opposition
Democratic Action Party
» (DAP) eight years ago and is
. now the treasurer of his local
i branch. The village is politic
i ally divided and the const' tu-
5 eney. of which it is part is held

■ by a member of Gerakan, a
\ component part of the ruling
i National Coalition. AH political

parties with strong Chinese in-
. teres t s, including the business-
orientated MCA. agree that the
! M$ 30ra allocated under the
Fourth Malaysia Plan to de-
velop the new villages and im-
prove the lives of their 2m in-
habitants is grossly inadequate.

Villagers like Mr Yap face
additional problems- in acquir-
ing more land both for residen-
tial purposes to accommodate
expanding populations and for
cultivation to provide employ-
ment. They say that the Land
Office in Kulai is slow to pro-

■ cess their applications and usu-
ally turns them down. Their
legal status as lessees of the
land they were originally given
is- also uncertain, as ' many
leases have not been renewed.

• Mr Yap says he does not par-
ticularly want to leave Seelong,
with its uncomplicated life-
style compared to that of the
cities. He and his friends in the
village merely want to see .
better facilities provided, par-
ticularly housing and transport
The only thing that would make
him move, perhaps to the state
capital, would be the education
of his children who will other-
wise have to make the arduous
journey along the bumpy road
to Kulai or Johore every day.

THE POLITICIAN: DATUK LEE SAN CHOON

Cabinet member and voice for his people

for a loan of M$ 50,000 from the
Credit Guarantee Corporation,
set up to help small enterprises.
The CGC limits leans to no n-
bumiputra borrowers to
M$ 100,000 at 8.5 per cent in-
terest. „

Wah On bought his second
floor 'shop last year for
MS 70,000 and installed a com-
plete set of film processing and
printing machinery. He em-
ploys two counter sales girls
44 and my sister is helping out."
He solved his cash flow prob-
lem by doing work for cash only
and not extending credit. '

Politically he is a conserva-
tive. haring little time for
those members of his com-
munity who campaign for
Chinese language, education and
a Chinese university. He in-
tends to send his two children,
aged 4 and 5, to bahasa or nat-
ional schools. “ I personally be-
lieve, because I've studied the
problem quite deeply, it doesn't
matter what language you
speak at school, the important
thing is what kind of training
you get . . . and since this
country wants us to study
bahasa. we might as well study
bahasa."

..'However, what worries him
much more than national
issues — about which he is opti-
mistic — is the possibility of
competition in the photo-pro-
cessing business. “ I should not
be happy if somebody sets up
a business of this kind in this
complex, I! will give me a big
problem."

When it is possible Wah On
intends to move down to the
ground floor to a more promin-
ent location. But although he
believes that his six-day. .72-hour
week will bring him a good
living, he Js not listening to
those who advise him to think
big. - Don’t make me out to be
a future big industrialist or any-
thing like that,” lie says.

X NEWLY recruited civil
servant arriving, as he
thought, early at the office
was startled to discover Min-
ister of . Transport and MCA
(Malaysian Chinese Associa-
tion) President Datuk Lee
San Oioon already at his-
desk, having arrived for work
before 7 am. That may in part
be a nod towards Prime Min-
ister ■ Mahathir’s efficiency
drive but it Is also a measure
of the. heavy pressure on Lee
and his MCA colleagues to
prodoce results following
their election successes last
May. “ They are on trial ” says
one political commentator.
“ In fact they may not he en-
tirely happy that they now
have' to deliver the goods.”

The MCA is still seen very
much as the political arm of
rich Chinese businessmen,
and Lee himself, a reputedly
wealthy man. as the epitome

of the links between the two
communities. He was one of
the architects of Multipur-
pose Holdings, the MCA
M corporate arm ” designed to
channel Chinese investment
into productive areas at a
time when the New Economic
Policy threatened to throw .
Chinese businessmen on the
defensive. Under the guid-
ance or MCA. Senator Tan
Koon Suan. Mnltipurpose
bought up a siring of mal-
functioning companies and
made them prosperous and ’
successful. The conglomerate
now has a market capitalisa-
tion of mare than U.S.SSOOra,
But for Lee the politician ..
the key question in the next
five years is whether he can
make a. permanent impact on •
the lives of middle class apd '
poor Chinese. The opposition
. Democratic Action Party,
(DAP), with a solid 20 per

cent of the popular vote,
stands ready, to win hack
voters who in May ihrow
their weight behind (he estab-
lishment party in the under-
standing that if they did so
economic fruits would be
more evenly spread among
the races. The DAP slanris
more openly for non-Malay
interests in a multiracial
society hut was apparently
seen by Chinese Boating
voters as ineffective. •

Lee is a political heat>-
welght with 23 years* experi-
ence as a member of parlia-
ment. The third or twelve
children of a Pahang dentist
he completed his secondary
education at the English Col-
lege in Johore Bahru and
reads and writes English and
Bahasa. as well as no fewer
than eight Chinese dialects.
He is a controversial figure,
both because of his wealth

and because he is generally
reckoned to have a decep-
tively shy exterior masking a
tough, even ruthless, ap-
pruarh to political enemies
_and friends alike.

It is a measure of Lee’s
toughness that he took up the
challenge thrown down by
the DAP’s Lim Kit Siang in
May to fight in any one ot the
12 parliament ary seats with a
Chinese electoral majority-
He chose to take on DAP
chairman Cben Man Hin, who
held the Serrnihan constitu-
ency with an 8,000 majority
and who had a considerable
personal following. To the
chagrin of ibe opposition Lee
won the seat, albeit by a small
majority. Lee threw the en-
tire weight of the MCA pol-
itical machine into the con-
test. as well as making some
headway with the argument
ihat in government ihe MCA

had achieved some results for
Chinese interests such as t in-
formation of (he Tuiiki!
Ahdnl Rahman College, which
increased the places for ter-
tiary education for Chinese
students: the Kojadi scholar-
ship scheme and (he co-oper-
ative movements which “have
given people a sense of
ownership' 1 say the MCA.

I t’s not really surprising that Blue Circle j,
has been working in Malaysia for over h
30 years. -

In any flourishing economy, L
industrial growth is always marked by . » ■ .

influence on international trade and
commerce. It is a success mirrored by the
benefits of similar ventures in other
developing nations.

All over the world, Blue Circle is able

arr increasing demand for cem ent. One, j_-'J .'to supply management skills and technology.

of the most versatile materials to be
found, it features in every aspect of
construction from roads to hospitals,
schools to airports.

Through its local

subsidiary, Malayan Cement Ml
Berhad, Blue Circle is part JE I
owner of Associated Pan jP I

Malaysia Cement - a major H i
cement producer |

in Malaysia. Over

the years, Blue .. 1

Circle has invest- j§

ed experience and j»

expertise as well

as money in help- i-i^PRHBKR
ing Malaysia realise ^ nP*S|

her ambitions. ||Jl

Today APMC
can produce over

. 2 million tonnes of 1

cement a year. / .

More than half of r £lrfl[ UPll
that comes from Bill

m

in partnership with local interests, these
investments heip speed both progress and
prosperity.

In Indonesia, for example, abundant oil
and gas supplies are giving rise to industrial
, development which has merited
— one of the more ambitious
., |* projects in the country for

i . ... many years. As

’ ' f ’■■■ well as a new

} WPmmBm cement works.

Blue Circle is

B* Z&dsFZ aRaB helping develop
Jap' a harbour, power

station, housing and
{■pf. :• •';.§£ •’®8P other amenities. And

there are similar
■ llify achievements in
jP*-**, Brazil, Kenya,
rm . Mexico, Nigeria

■HT^'V and Zimbabwe.

k ; * ■■■ This overseas

... .. activity doesn’t
mean that Blue

• ik*

Shi 1 ?

|ip#j

7K

the new kiln at the ■ Circle has

Rawang Works, IlfBlil 1 III III s V neglected its

which is the largest M|B|n| Bfgfi * n i IkBL B_l! comi mitment to
in Malaysia and the WW IBM! 0MIE Britain. On the

most energy efficient ■« JfBiMwni contrary. Blue Circle

in the whole of South li|BHBdf& BflB IBH is planning a major

East Asia. At Kanthan, BP r w r Hlilis^ BHV capital investment

APMC’s other works, a major mn m g gap rt mmm programme over the
energy-saving re-building pro- il B IJl^next five years, to improve

gramme is now underway to Uwm^mE^k i taPSknl the output and efficiency of
cut manufacturing costs. existing cement operations, and investing in

But it's not just for cement that Blue a complete new works.

Circle is known in Malaysia. With its diversifi- This is just a part of the Blue Circle story,

cation into the bathroom business through So, if you had no idea just how big

Armitage Shanks, the Group acquired an Blue Circie is around the world but would
interest in the country’s biggest manufac- like to find out, write to the Group Managing
turers of bathroom fixtures. The company’s Director, John Milne, at: Blue Circle
factory in Kuala Lumpur is now expected to Industries, Portland House, Stag Place,
double output by 1983. ' London, SW1E 5BJ.

And, other internationally-known pro-
ducts Sandtex arid Snowcem are both made _ /"l* _1 _

at Rawang for sale throughout the country. KIllO I .lrrlfi
These ventures reflect Malaysia’s “f v/JL Tf

enterprise, growing prosperity and increasing Working around the world

Blue Circle

1

fe

i r

ur

In

L*

PR

mir

<£5

a *•

can

ser

R15

\va«

bro

A

Wa:

P"

£ : ft

o

n;

6'

51 A ?
c: r>-

r June
w Ftrcn
ocon>

0 latC5
•7 Th
V it v
If 5 Ton

vhtli
j) Mire.
7* • At

!• r
r y in i

1 i-itu:!
* i‘ v.i
s belie
C once,
c A
C 3S P<
t they

. 1 Til
i ns ;

B1

THE

ment

i;on

ever

mam

withe

e v
sober
Th
nre:’e
conn
r chsr

17.? 1.

1 11.523

beino
price
tlCCU'
lucres
incur'
ilw c
In

Si dw
(a'
•c tio
cti;

nr
:iu

11V

irii
cu
ah
3U
c*r

ACTI

J 2 fter

mont

defiee

reces

protc

perfo

oursii

Th.
nchie
grow
recas
.indue
failin
domin'
f'fieatif
■'■•shai
price
more
a freer

ins

Lns

vihok

forriA

Rut «
wear :
1&S2
ably
Mini* j
itf'i '
cibi
atii
Si*

Pis

La

. r

ctf

Stt

fbl

•V.

BS&fS.

Bank Bumiputra
maintains amazing
growth rate

Condensed Statement Of Conditions
December 31, 1981

1981

MS’000

1980

MS’000

1979

MS'000

ASSETS

Cash in banks, money al call and short noiice

3.219.873

e.338.971

3,205,506

3.355.411

2.266.861

£,257,590

Bills receivable

Treasury Bins and Government Securities —

Other investment at cost

LarxLbuildmg and other assets

325.466

1.794.549

198,227

1,371.343

429,533

968,226

93.035

-970,293

165.672

952.627

92.099

353,770

Total : r.-.-

rv4.3j248.434

3.522,004

- 6,088,6? 9

CAPITAL AND LIABILITIES

500 noo

500.000

200.000

Issued and paid-up capital — - ... .

Reserves and balance of unappropriated profit

Deposits (demand, savings, ii*ed, etc>

Depcsils and balances of agents and banks ..
Bills payable and olher liabilities

476.000
“ 104,783
8,165.037
' 4,037,449
465,165

272,000

.34.193

6.673.313

1,692,730

599.768

100.000

58,879

4.930.175

619,801

319,764

Total

13,248,434

9,522.004

6.088.619

Liabilities on acceptances and guarantees . . .

5,129.903 •

2,488.730

1,486,175

Balance sheet total

18.378,337

12.0J0.734

7 ,574,794

HEAD OFFICE

Bank BumtariiB Malays^

Banal.

Manara Bunvnutn,

JaUn Maufca.

KuaU Lumpur, 01-18
Tef £098101'.

O34B8011 [60 unwl

OVERSEAS BRANCHES

LONDON

Ban!. Bumipuita Malayan
BUftvWL

3608 Lead email Si reef.
LanJatt EC3A i*P.

Untied Kingdom.

Tei- 01 -408-2021 (10 Imis}.

TOKYO

Bank Bunupuira Malaysia
BflrtwL

Man Quitting Na 10,

3-13. Toranamon 2-Cnoma,
Mlnaio+u.

Tokyo 105,

Japan -
Tet 502-1 SB M

NEW YORK

Bank Bumipuira Malaysia
Bertud,

405. Pa* Avanuft
New York.

NY. 10023.

USA

TeO 1212) 888-1^60
BAHRAIN

Bank Burropulra Malaysia
Bertiao.

am Floor. Bahrain Toner.
Goaemmem R-mo,

PO. BO- SUM.

Manama.

Bare am
Tet 231073

SNOAP0RE

Bank Bumipuira Malaysia

Bernaa.

ISI Floor, IVinfl On Life

Building.

i5t>. Cecil Sineal,
Singapore 0>06
TaL 03 2222133

LOS ANGELES

Bank Butnipuim Malaysia

Bemad

SuiwSJlS.

707. wmmm Bcktiaeam,
Los Angelas.

California 90017.

USA

TaL 1213) 627-4711

your Malaysian banker

REPRESENTATIVE OFFICE

HONG KONG

Ban* Sumipuira Malaysia

Bemad.

1802 1803, Admiral ry
Cenm.

UXF. Tower One.
Oueeniway Road,

Hong Kong
Tfti 5-276267

DESK OFFICE

JAKARTA

Bam BumipuirR Malaysia
Bemao.

o o Bank Bumi Dove
Uvamor Punan.

Jaian Kcoan Sinn 06-70.

PO Bo> 106.

Jakarta.

Indonesia

Tat 371749. 370007 ml 2S5

CormapondanU In Ml
principal OHM of tha worid

s>-jl L.mjLa \juLf~ey. kil sLu

BANK BUmPUTRA MALAYSIA BERHAD

mcDBOuno h auuvju - hup o»/« - -utii umwi

Menara B'J'ninutr a
the oam s new nO n
Koala Lumpur.

- .

*.:■ hr-. Tap

SABAH

SABAH MARKETING CORPORATION SDN. BHD.

< SAMA ) a Pty. Ltd. company wholly owned by the
State Coveiumeni of Sabah, Malaysia was established
in 1S7S as ifie Government's, marketing arm for Sabah
Agricultural Produce. SAMa is the selling agent for
exporting marketing of produce from State Government
Departments/Agendes like Agriculture Department,
Sabah Land Development Board, Sabah Ruhber Fond
Board, etc. SAMA also trades with the private sectors
in Sabah as well as in Sarawak. SAMA's sales turnover
reached M¥14i3 million in J9S2 with a paid-up capital
of M915.7 nullion.

Through SAMA. international commodities buyers have
a reliable marketing institution in Sabah whom they
can place bids nnd orders with confidence. SAMA as
a Government-barked commercial organisation and as
'a reputable exporter, will not renege on its contract.

As SAMA is actively promoting Sabah's produce, it
exports and guarantees good quality produce.

The commodities promoted and marketed by SAMA
are shown below; —

(1) Cocoa

SAMA expects to export about 5,400 tons of
dry cocoa beans in 1982 or about 20% of the
State's export. The average bean count is
100 beans/ 100 grain maximum. Moisture is
7.3% maximum nn shipment Other terms as
per Contract CAL (Cocoa Association London)
Form A4.

(2) Crude Palm Oil

Occasionally, SAMA can sell a minimum Of
1.000 MT basis GIF Rdm/Msy on FOSFA
< Federation of Oils, Seeds and Fats
Associations Ltd.) 80 Contract. SAMA also
sells PRO basis Cl F European based ports on
r OSFA 56 Contract.

(3) Rubber (SMH)

SAMA exports about 6,000- tons of SMR 5 and.
about 1,500 tons of SMR 20 per year. SAMA
refer to the MRE (Malaysian Rubber Exchange)
official quote as reference point SAMA can
also trade at the London market by giving 1 "'
overnight offer. Payment 21 days CAD Bills
of Lading. Through Bill of Lading from Sabah
to European ports can be arranged, -

(4) Sawn Timber -

SAMA is exporting red seraya (Meranti),
kapur/keruing scantling to Europe/UK.

SAMA leads in the promotion of a superior
hardwood locally called “Selangan Batu" -
which is in abundant supply in Sabah. This
specie is highly -recommended for use in
construction of wharves, bridges, telegraph
• posts, railway sleepers and truck flooring,

(5) Rattan

Rattan processing is undertaken by Sabah
Rattan Pty. Ltd which operates on a joint
venture basis between a private concern and
a Government Statutory Authority. High
quality rattan household goods and furniture'
are produced. •

(6) Tea

Sabah Tea Sdn. Bhd is planting 4,000 acres
at Nelapak, Ranau. .So far about 500 acres
have been planted with 80 acres already
matured and in production. Tea is now
supplied locally to meet- local requirement
In 1983, tea is expected to be exported.

(7) Coffee

Robusta and Liherica coffee are nwdeJy grown.
Total acreage planted to date ts over 5.000
acres with an estimated bean yield of 500 MT
per annum.

All trade enquiries should be channelled to SAMA,

SAMA

SABAH MARKETING CORPORATION SDN. BHD.

STH FLOOR. BEfUAYA HEADQUARTERS BUILDING, KOTA KINABALU. P.0. BOX T50». KOTA KINABALU. SABAH. MALAYSIA.
TEL: 5BJ1T. 57298. S8150. S8151, 38152. 58153, 58154. TIX5: MA 80234/80238 SAMAKK. CABLE: SAMCO.

' Financial . Times Tuesday August 31 19S2

MALAYSIA VI

Commodities

The dedine in prices has bought financial
implications for the entire economy. Hope
lies in a revival of the world economy.

MALAYSIA'S ONCE buoyant
commudity . sector has fallen
on hard times. The prolonged
global recession has sharply
contracted demand, leading to
a severe drop in prices.

Many tin mines are closing
down. * Many rubber small-
holders have stopped tapping
their trees because it is no
longer worthwhile.

The timber industry has been
in the doldrums for several
years, while palm oil growers, ■
who have escaped the recession
so far. are beginning to feel the
pinch.

“ There is nothing very much
one can do but hope for an
early revival in "the- world
economy* That's the- only thing
that will lift prices.” says a
Malaysian plantation owner,
reflecting the general view
among the country’s commodity
producers.

Since Malaysia is still largely
resource-based country, the
decline in commodity prices is
being felt throughout the
economy.

An indication oF the financial
implications can be seen 'by how
far projections of the Treasury
have gone out of line with the
actual situation— and Malay-
sian Treasury estimates are by
nature conservative.

Last October, when tbe 1982
budget was presented, the
Treasury' was forecasting that
Government revenue in the
form of export duties on rubber
and tin would be Ringgit 800m
and 330m respectively.

This was based on an esti-
mated average price of 295
cents per kilo for rubber and
Ringgit 34.7 a kilo for tin. with
rubber exports totalling 1.58m
tonnes and tin exports 67,000
tonnes. But so far this year the
rubber price has been around
the 200 cent mark and tin prices
are well below the Ringgit 30
level.

If such prices persist,
throughout the year — and there
are no signs to indicate they
wifi move up — the Government
will be getting less than
Ringgit 800m.

Compared with two years ago
the rubber price has fallen a
good 41 per cent expressed in
a stable Ringgit . For most of
Malaysia’s half-a-million rubber
smallholders, many of whom
work on land of less than five
acres, it means a return to sub-
sistence living, made tolerable
only by Government subsidies
and tbe influx of remittances
from their sons and daughters
working in the dries.

The situation is even bleaker
for tile tin mining Industry.
Because there is a surplus of
the metal on the world market
estimated at 60.000 tonnes the
International Hn Counoti has
imposed tough export control
measures. 'Hie cutback for the
July to September quarter is
36 per cent and similarly severe
curbs on exports are expected
to run well through next year.
The bigger and more efficient

COMMODITY EXPORTS BY DESTINATION

li HiaTO i R iT i HTra 1980 j . . ■ imn a '

Japan

\E£C 23%

Ash
-*08*
Piters 3*

Endudbv UK

4 Crvtle, ivhntri palm ot.poim olein anti cfaodn

tin dredging companies, often
with large cash reserves, should
be able to go -through this
rough period— but sin- the
gravel . pump - mines.

These graved minds, largely
operated by Chinese, account
for 55 per cent of Malaysia's
tin output. Last year 153 of
them ceased operations because
of poor prices and exhaustion
of deposits. As 'many as 200
more may have to dose this
year, leaving 400 struggling.

As many as 5,000 jobs are ex-
pected to be lost in the indus-
try this year.

Malaysia’s two smelters are
also hit by the shortage of tin
for smelting. One of them has
laid off 150 workers and is
operating only three of its five
furnaces.

s doable How to Malaysian .
ptaitiatioos. .Many -were Jwt :
breaking even on their rubber* ;
operations bat bad managed ta
report a docent jjrofit in the .
past on the stengtb of stable J
palm oil prices.

The palm oil refining Indus- -
try is also in' bad shape, being
squeezed by over-capacity and
Jow demand. .. .

Eighteen of *e 48 refineries .
have ceased operations, leaving ; .
31 in the field. Even so. the
2.8m tonnes of crude produced
is insufficient to feed these
plants, which have a built-up .
capacity of 3.6m tonnes. :

Unlike rubber and tin,, bow- . •
ever, whose production is either '
stagnant of declining, Malay-
sia's output of palm oil will
continue to grow at a rapid ■
pace.

By 1985 the country is ex-
pected to turn out 4m tonnes- of
palm oil; , by 1990 the volume
is expected to reach 8m tonnes:

So far, the world bias taken
oil of whet Malaysia can pro-
duce but future output w4S-re-
quire more aggressive market-
ing. ■

India, the EEC the U-S. arid
Japan are the big markets,
while China, the Soviet Uhl-oh
and South JKorea are fast be-
coming important buyers. .• •

Tlie healthy volume to Iraq
has been reduced -to a trickle

worked -out by the Kumpulan .

Perangsang - Malaysia Mining . by the war with Iran -but the

Corporation consortium three
years ago.

For. the post decade Malay-
sia's tin industry has been on
the decline. Production fell
steadily from a peak of 76,800
tonnes in 1972 (o below 60,000
tonnes last year. Employment
has fallen from 50.000 to 35,000
over the same period. -

Palm oil, tbe only bright spot
in the commodity sector for tbe
past year, has recently suc-
cumbed to the twin pressures
of ovemipply and recession. In

Middle East as a whole pro-
mises to be a major market, ft
is also encouraging that Egypt
faas recently become a serious
buyer.

Taking the longer view, there
is every cause for optimism for
Malaysia's com odi ties, argues
Tan Sri B. C. Sekhar. Control-
ler of Rubber Research and
chairman of the Palm Oil Re-
search Institute. Although suf-
fering at present, Malaysia's
plantations, land schemes and
tin mines are still well managed

the past two Months the price and extremely competitive.

has plunged 31 per cent to' only
650 Ringgit per tonne.

Datuk Paid Leong, the har-
assed Minister of Primary In-
dustries, attributes this sharp

Mining costs have escalated, fall to generally greater avail- lereFs once

It will now cost more than ability of edible oil and tats. r£ e l recoven- is u rider-

particular ly from the and
the prolonged recession.

The fall in palm 'oil prices is

Tan Sri Sekhar has seen the
upa and downs in the com-
modity cycle and he wotdd be
not the least surprised to see
prices of rubber, tin and palm

Ringgit 500m to develop the
giant Kuala Langat tinftelds.
more than double the estimates

way.

Wong Sulong

MALAYSIA'S EXTERNAL TRADE

1980

1981

1982t

9m

% growth

3m

% growth

9m

% growth

Total exports (fob)

28,201

16.4

28,018

- 0.7

3L248

11.5

Rubber

4^17

3.0

4,131

-10.5

4,582

10.9

Petroleum erode

6,709

59.4

6.738

04

7,175

6.5

Tin

2^05

8 2.

2,248

-10J

2426

3,5

Palm oil (erode and processed)

2,515

5.3

2,880

14.5

3,438

19.4

Sawlogs

2,621

- 8.8

2,325

-11.3

2.499

7.5

Manufactures

6.269

28.6

6,600

7.0

7,780

17.9

Total imports (eif)

23^39

37-3

27,804

18.1

32,142

15.6

Food, beverages and tobacco

2,671

19.3

3,005

' 12.5

3,451

14.8

Manufactures

4,913

31.0

5,780

17.6

6,648

15.0

Petroleum erode -• :

1,879

49.2

2,005

6.7

2.100

4.7

Machinery and transport equipment...
Balance of trade

9.081

4,662

4&5

10,803

214

19.0

12,641

-894

17.0

Forecast

Strong lobby for independence
from international pacts

MALAYSIA, a major world
commodity producer, is* disen-
chanted with international com-
modity agreements.

The Prime Minister, Dr
MahaCbir, has mode no secret
that he feels these -pacts are in-
equitable in that they serve the
purpose- of the consuming coun-
tries in times of short supply
but fail to protect adequately
the interests of producers when
prices are low.

There is now a strong lobby
in Malaysia for commodity pro-
ducers to strike out on their
own. This is a complete re-
versal of the Malaysian com-
modity policy hammered out
eight years ago when Datuk
Musa Hitam was Primary In-
dustries Minister.

Malaysia accounts for 35 per
cent of the world’s exports of
rubber, 50 per cent of palm oil,
30. per cent of tin. 35 per cent
of tropical hardwoods and .30
per cent of pepper. In addition
it ranks sixth in reserves of
natural gas. . :

Thus in relation to its area
and population Malaysia com-
mands a disproportionately
large influence in international
commodity affairs.

There is one central aim in
Malaysian commodity policy,
past and present: ' stable and
remunerative prices. Memories
of the “rubber shock”, of
December 1974 still send a chill
through. Malaysia’s leaders.

On that occasion low prices
and continuous rain which pre-
vented work forced thousands
of desperate fanners on the
streets in Kedah State and
sparked off massive — and for
the first time non-ra rial-
student demonstrations. Anwar
Ibrahim, now a rising star in
government, was leading
students to agitate for swift
Government relief.

The aftermath was the Gov-

ernments decision that the best
insurance against future rural
revolts was to ensure that com-
modity prices do not fluctuate
violently. Malaysia went ahead
to play a bigger role in inter-
national commodity negotia-
tions. It supported com modi ly
pact's and even approached
Japan for a 41 Stabex Scheme"
(stabilisation of export earn-
ings) for tbe ASEAN countries.

The reversal of this policy of
producer-consumer co-operation
can be traced to three factors:
actions by the Reagan Adminis-
tration - in pursuit of. its
economic philosophy which did
enormous harm in undermining
the confidence of producers;
the prolonged global recession
which has severely depressed
prices; and the combative style
of Dr Mahathir.

.The tin market provided the
battleground. There is no
doubt that both the UJb. and

■ 'il '-I'i-jitf ’ ' •’ >4 '- ■■ ij. - '.'v.i

Malaysia had broken the
articles of the International Tin
Agreement if - not in action
then in- spirit

Frustration over continual
U.S. disposal of surplus stock-
pile tin and - its persistent
refusal, of repeated demands
for. a revision, in fTC prices to
accommodate production costs
led Malaysia to support the
mysterious buyer on the
London 11401111 Exchange.

The stozy is well known.
Suffice it to- say that the
episode - left* the Malaysians
deeply disenchanted with the
rules of the game. This sense
of hurt was reinforced when
the consuming nations, again
led by the U.S.. took advant-
age of a technicality in the
International Natural Rubber
Agreement to force a 1. per
cent cut in th'e rubber price
range.

Dr Mahathir is not a man to

Tin is one of the markets where Malaysia fa battling for a
better deal for producers. Dredging— as pictured above at
the Ferangsang Rio Tinto lease at Labohan Daga&g— is the
main local method of ore extraction.

accept without a fight what he
perceived to be injustices'
inflicted on developing ' coun-
tries by the rich nations in the-
protection of their interests.- •

Although Malaysia is stiTl a
member of the- sixth- - Inter-
national Tin Agreement and the
Rubber Agreement, it has made
it clear that it reserves the
right and will act to prote« its
interests if these multi-national
agreements are slow in
responding to producers' needs.

Malaysia feels producers
should band together to protect
themselves. It is lobbying hard
to win Indonesian and Thai
support to give more teeth to
ihe .Association of Natural
Rubber Producing Countries
tAJVRPC) and the proposed Tin
Producers Association.

In theory, the coming
together of Malaysia. Indonesia
and Thailand, politically like-
minded neighbours, could be a
formidable force in the market
since they control 80 per cent
of rubber exports and 70 per
cent of tin.

The problem is that while the
Indonesians and Thais are
equally interested in stable and
remunerative prices for their
commodities they do not feel
that a direct confrontation with
consumers is The best way.

The Indonesians in particular
have always felt piqued at hav-
ing to play second fiddle to
Malaysia on commodity issues
when- in many other respects
they consider themselves to be
the “ big brother."

Both Indonesia and Thailand
want to diversify their export
base. Rubber and tin fit into
their programme and they do
not want to eater into any long-,
term commitments that would
curb their, expansion plans for
these commodities.

Wong Sulong

77

Financial Tunes Tuesday August 31 1982

vn

MALAYSIA VE

The Eastern States

Separated from the mainland part of the Federation by 1,000 miles of the South China Sea and ethnically differentia population,

. Sarawak and Sabah present a special concern to die Government in Koala Lumpur

wealth allows scope for qualified autonomy

MALAYSIA’S two eastern stales
of Sabah and Sarawak, critically
important to the federation be-
cause of their oil. gas and tim-
ber wealth, are at the same time
the country’s renegade states.

Separated from peninsular
Malaysia by LDOO miles of sea
and' populated by people radic-
ally and culturally distinct from

tneni funds, mobilise or frus-
trate election machines, soothe
or stir up factional conflict in
the stales — and so can never
be taken for granted.

12 years of running the state on the timber industry. In two states that the 5 per cent
almost as a personal fiefdom the 1975 unsawn logs accounted for royalty they get on oil exports
coffers were empty State funds ovpr per ^ ^ g^g-g is a pittance and is in no way

have since been '

. m «sg

The result is that politics and stantial development spending year . timber products acconn- j ><um p tIr obvioasly- sees thing"*

economic management in a state are evident across the states ted for barely so per cent of ^ a different light wanting to

like Sabah are almost Inevitably and no-where more so than m export earnings which had use ofl revenues for the

larger than life. Elections are Batnk Harris’s home town of doubled. development needs of the

waged with unparalleled Labuan. . _ Sarawak. Malaysia’s largest federation and limiting the

federation m 1963 to demon- means access to very large re- Samarang will by the middle flq ri1 t wg - fjoan offshore oil and a *J uni5datw J n '
slrate their separateness. sources which can he iised for of the decade be fuelling a gas ^ave been substantial. Its *«««* relations between the

Exploiting the independence patronage. To dispense rewards M$466m sponge iron plant and soil ^ lesg than Sabah’s, eastern states and the centre

that comes from oil and timber for loyalty is seen as no sin. A US740m methanol plant and its jungles more impenetrable, are awkward. In April’s federal

t Harris Sa ,eh - Power station. A strong Indis ^ a nsfilt over eo per cent elections Datuk Harris fielded

fears' Of federal interference sweeping to power at the head being made for federal the state’s lm population still “independent" candidates in

whenever it was appropriate, of the breakaway Beijaya party approval for a M$1.2bn pulp ]j ve ^ poverty. Sabah against federal govem-

the state haw ««n ig 76 , has run the adnunistra- and paper mill, though, recent DeS pite formidable problems ment-backed candidates in an

uon in a manner more suited to cuts in federal development - . .

the state governments have won
for themselves an exceptional
degree of autonomy to manage
affairs in their own distinctive
and sometimes cavalier style.

At the same time federal
power needs to be carefully
courted. Kuala Lumpur can

an autocratic managing director spending may lead to this pro-
than to a democratically elected ject being shelved.

Chief Minister. Such developments, along

But the state has seen bene- with the rise of oil earnings
fits from this. When Datuk and a broadening of the state’s
Harris’s predecessor. Tun agricultural base, have curbed

dispense or withhold develop- Mustapha, was. overthrown after Sabah’s dangerous dependence

Banking

Two more expatriate banks are about to
begin the process of Malaysianisation

Further moves towards
equity surrender

N ANOTHER six months or so
the - two largest foreign banks
in .Malaysia — Chartered Bank
and Hongkong Shanghai Bank
(HSBC) — are due to announce
- details of plans to Malaysia'nise-
The events are significant
Banking anywhere is a strategic
business. • ■

Chartered, part of the Stan-
dard and Chartered group of
the UK, and HSBC would set
into motion the equity restruc-
turing in foreign banks that had
been .undertaken in the 1970s
and is now largely completed in
the . mining and plantation
sectors.

Malaysianisation of foreign
banks is not new. The law
prohibits banks in Malaysia
from being : controlled by a
foreign government and quite a
few banks .-had restructured
under this rule.

The latest is Banque Indosuez.
which bad been nationalised by
President Mitterrand's Socialist
Government, in France. It has

Banking Corp.

Malayan
(UMBO.

Chartered, founded in 1875.
is Malaysia's oldest bank. HSBC
celebrates its centenary two
years from now.. The two- banks
are not saying much about their
negotiations with the authori-
ties. apart from confirming
“ good progress ” so far.

This is understandable. Apart
from the scale and legal com-
plexity there are. many Bumi-
putra institutions and indivi-
duals vying to be local partners.
'* Selecting the right Bumiputra
partner is extremely important
It makes the difference between
p lain sailing and endless head-
aches," comments a corporate.

■ planner.

The outline of the restructur-
ing is known:' the Malaysian
operations of the two banks will
be "under locally incorporated
publicly listed companies.

Initially probably no more
than 20 per cent of the equity
wouldb? sold to Malaysians. But

capital to

Finance Minister Tengkn Rasalelgh.

by 1990 the foreign banks have
to reduce their own stakes to
30 per cent

Originally the banks had
argued for majority control
over their Malaysian operations
because on a. sectoral basis the
objective of the New Economic
Policy bad already been
achieved. But the Government
was insistent that foreign equity
in any Malaysian bank should
not exceed 30 per cent
With Chartered and HSBC
restructured the. pressure will
be ou the 14. other foreign,
hanks. Some feel, however, that

... those with only one or two

foreign banks which have not branches will be left alone, years. Most analysts do not fore-
as yet complied with the new “The ; 'Government Is only i see any improvement until the

interested. in the! big fish,’* says . end of the year or even longer,
one’ American hanker. - For the first six months of

The “ big fish;'* apart from, this year a total of 419m units.
Chartered and, HSBC, are the
Singapore banks led by Over-
sea Chinese Banking Corp.
with 25 branches, Chung Khiaw
(161 and jOverseas. Union Bank
( 12 ), ; - ' •

A foreign hank which is
deemed to -have complied with
Bid new- economic policy, will

Incorporated a local • entity,
called the- Malaysian French
Bank; to take over its two
branches ‘and will sell off 70 per.
cent of the slake to Malaysians*
retaining only 30 per cent.

; .In this seventies three Indian
banks and (me Pakistani . bank
in. Malaysia were reorganised
to -form' the United Asian Bank
and Perwira Habib t Back
respectively when nationalised
by their- own govennnent
The significance of ihe
Chartered, and HSBC restruc-
turing lies' in the scale. of the.
exercise and its impact, on other

more favourable
deposit ratio.

On the local banking scene
the past year has been charac-
terised by the change-over in
top management reflecting the
fortunes on the political scene

Appointments of new execu
tive chairmen were made at
Bank Bumiputra. Malayan Bank-
ing and UMBC. These changes
were at the direction of Dr
Mahathir, the Prime Minister,
who wants to clear the decks of
men considered to be sympa-
thetic to Tengkn Razalelgh. the
Finance Minister.

Operationally, the industry is
expected to see a slower growth
rate than in the past five years,
in line with the slowdown in
the economy.

Liquidity will continue to
remain tight, reflecting the
reduced earnings from
Malaysia's exports.

The past months saw the
easing of deposit rates but
bank lending rates are inching
up. The banks say their lending
rates have to go up because of
tight money conditions and the
fact that they have to cover for
large portions of their loans
made to the “priority sectors
at only 10 per cent interest—
although one suspects there is
also a strong element of profit
maximisation.

The prime rate is still
pegged, largely at the insistence
of the central bank, at 8J> per
cent, although no one now
qualifies for the prime. Even
the most desirable clients pay
11 to 12 per cent, while the
usual rate is 13 to 15 per cent

The Malaysian stock market
is in for a depressed year after
four years of steady expansion
which climaxed in a record
boom in the first half of last
year. The Kuala Lumpur Stock
Exchange (KLSE) industrial
index readied an all-time high
of 823 points at the end of
June 1981 but the subsequent
fall was swift and traumatic.

In the two . mouths July-
August the bottom fell out of
the market and panic selling
and ' short-sellers forced the
KLSE index down by more than
350 points.

There was a moderate
recovery in the last quarter of
the year hut prices began slid
ing again at the start of 1982
as the prolonged global reces-
sion began to bite harder (into
the local economy.

The current KLSE index is
around 360, the lowest In 2}

..economic policy.

• Both. Chartered '.and HSBC
are among the biggest banks in
Malaysia, i At the end of last
JW ; Chartered, . with 35
. branches in Malaysia, had assets

- totalling- 'Ringgi t . 4.3bn and
recorded a- net profit after tax

- o f Ring git 26.8m.

HSBC, with 38 branches, had
. assets^.-exceedipg Ringgit '4.'5bh
and^anetprofit '.of Ringgit 39.8m
at. th^eEd of 1982- . enjoy the benefits accorded to exchange at the end of June this

'Iff: asset terms' they" would' local banks'. .They will not be year was ringgit 49.1bn com-
pfbfiably occupythird and fifth barred from opening new
;*jfar the: locally incur- branches, will be able to accept
porated- Bank . Bumiputra. deposits from Government and
-Maiayhfl. Banking and - United 1 statutory bodies, and enjoy a

valued at ringgit USra were
traded on the KLSE compared
with LOlTba units value at
ringgit 5.124bn during the cor-
responding period last year and
1.636bn units valued at ringgit
8.059bn for- all of 1981.

Market capitalisation of the
252 securities traded on the

pared with ringgit 65-Sbn at
the same time last year.

w.s.

linked with laying down an
infrastructure of roads, water
and electricity and despite a
continuing shortage of skilled
labour, changes are taking
place which could alter the
face of northern Borneo.

At. Bintulu oil and gas
reserves are to be tapped to
establish an LNG plant, a erode
oil terminal, an urea and
ammonia plant and a palm oil
bulking station. A deep-water
port is to be finished at nearby
Tanjung Kidurong by early
next year. The total develop-
ment. costing about US$4bn, is
likely to be the largest develop-

attempt to maintain a monopoly
of power. The “ independent ’’
victories were a direct snub to
Dr Mahathir, and there has
since been a steady stream of
rumours that the federal
government was manoeuvring
to remove Datuk Harris from
power.

Flushed with victory Datuk
Harris has been striving to
pour oil on troubled waters,
praising the “2-MS" govern-
ment and launching an anti
corruption drive to echo that
on the peninsula.

In Sarawak unexpected
victories for the opposition

Above: The financial district of the capital Kuala Liunpur. Below: The
at Bata Ferringhi typifies the Government’s desire to encourage

Rasa Sayang Hotel
the tourist.

7 • . M .■ _ rn • IbB AVI kill* V/KKt»kLtVU

ment ever in South-East Asia. DAP in Apri , underlined in .

Bintulu, eventually to be
linked to the rest of the state
by the pan-Sarawak highway
and the focus for numerous
smaller manufacturing ven-
tures, is likely to be the cata-
lyst that sweeps the state from
the Stone Age into the Space
Age— though there are many
who justly fear such a sudden
ATid drastic chan ge.

With such great untapped

creasing restiveness among the
state's Chinese population.

Federal governments have in
the past resisted the temptation
to foroe the eastern states into
the fold. This is in part because
of a fear of the possible conse-
quences and is part because the
people of Sabah and Sarawak
remain for many an enigma, a
home for pirates, head-hunters
and animists. Rapid develop-

potential Sabah and Sarawak ment is likely to attract in-

are being kept on a short leash
by the federal government lest
they throw off the federation
and tzy to go it alone. Com-
plaints are often made In the

creasing attention but an
enigma they will remain for
some years to come.

D.D.

to llalmsja on its

25 th Annmrsarv

of rmfcpenffcnce

Through M local manufacture
and the activities of our locally
managed companies, ICI is proud
to be associated with the
development of Malaysia
and the needs of Malaysians!

■ Financial Times Tuesday&flgust Si -1982

MALAYSIA Vffl

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L

Energy and Industry

Malay sia does not rank all that high in the oil states’ table but its offshore resources are ptoying a useful help.Tihem^je^saOT is hitting its
traditional commodity exports. They are also seen as valuable fuel and feedstock for the country’s ifldustrialisatforf programmes.

Offshore fields linked to ambitious

Oil and gas revenues prop economy

^VIETNAM

deveiorment area

MALAYSIA’S oil and gas
reserves are not large enough
to provide a panacea for the
country’s economic ills but at
a time of deepening World
recession they are allowing
the -Government to apply a
gentle brake rather than
bring development spending
to an emergency stop.

Over the past .six months
the state oil company
Petronas has responded to
Government pressure to
boost oil earnings by raising
output from an average
260.080 barrels-a-day (b/d)
last year to a target for 1982
of 290.000 b/d. As it Is not a
member of Opec it has been
free to raise output— unlike
neighbouring Indonesia. .

But Mr Rastam Hadi. man-
aging director of Petronas.
has made it dear that oil and
. gas should not be seen as a
. cure-all for government
financial problems: “ There
is a very strong case for
beeping resources in the
ground. Bnt at the same time
governments need money and
it is not much use keeping
the oil in the ground when
people are starving or living
in poverty. Therefore we are
following Buddha's golden
middle path.**

Malaysia has the world's
22nd largest oil reserves,
estimated at 2.3bn barrels,
and the world’s 12th largest
gas reserves, about 30 trillion
en metres. It has about 50
fields, eight of them major.
They lie offshore the two
eastern states of Sabah and
Sarawak and offshore the
peninsular state of
Trengganu.

Earnings from oil exports
have risen from M$852m in
1975 to MS6.9bn last year,
accounting for almost 27 per
cent of ail export earnings.
When LNG .comes on stream
in January next year an addi-
tional MSlhn will he added
to exports, with gas export
earnings planned to quad-
ruple over the next four
years.

The three oil companies
most active in Malaysian
waters — Shell. Esso and
Petronas Carigali — have
steadily increased spending
on exploration and develop- .
roent drilling. Petronas alone
has raised spending from
MS279m in 1979 to M5564m
last year and it is likely to
remain at this level over the
coming four years, with an
average of two new contract

areas being opened up every
year..

Malaysia’s reserves are
comparatively difficult to
raise. They are in deep water,
up to 150 metres offshore.
and in a salami of sedi-
mentary deposits which
makes reservoirs small and
easy to miss. Fields rarely
last more than seven to 10
years.

At the same time, the
quality of Malaysian crude is
high— between 41-14 API.
and with a sulphur content
of less than 0.1 per cent This
means Malaysia can still
charge a substantial premium
over other oils. At the peak
In mid-29^0 oil was fetching
UJ5.$4i a barrel. MIrl Marker
crude now earns U.S.S35.60 a
barrel, with blends ranging
from U.S.$35.10 to U.S.$37.30.

By comparison with other
parts of Asia. Malaysia's
waters have been fairly
thoroughly explored so the
chances of major new finds
are small. Nevertheless, the
likelihood of modest new dis-
coveries is thought to be high.

So Malaysia's days as a net
exporter of oil are clearly
numbered. Domestic con-
sumption currently stands at

MALAYSIAN OFFSHORE

OIL PRODUCTION

Name of field.

Barrels per
Depth, day average.

Cumulative
bbl, to

API

discovery date

feet

first-half 1981 July 11981

gravity

ESSO MALAYSIA Behok. 1976

5.500

22,500

16,200,000

47.6

Filial. 1973

4,300

25,000

33,900.000

43.3

Tapis. 1975

G.700

69,800

3.100

67,300,000

43.3

Temhungo, 1971 ...

6.000

15.500.000

37.6

SARAWAK SHELL BEHEAD Bakau. 1971

11.000

200

5,900.000

39.0

Baram, 1963

9.500

7,300

99 ,800,000

40^

Barouia. 1967

11,000

2„000

97.600.000

42.0

Betty. 2967

21.000

39,200,000

38.0

Fairley-Baram, 1963

1,200

15.800.000

40.0

West Lutong. 1966

13,300

96.90 0,000

39.5

Miri. 1911

80.000.000

27.0

Teraana. 1972

10,300

4.500.000

35.0

Tukau, 1966

18,200

40.800.000

29.2

SABAH SHELL Serna rang, 1972 ...

46,100

122,800,000

37.0

South Furious, 1974

5,000

2,100,000

30.0

Total Malaysia...

Soijrce: Oil and Gas Journal.

26S.OOO

710,000,000

180,000 b/d and is growing at
about 9 per cent a year.
Rastam Hadi predicts that the
• country will be a net importer
in the early 1990s, with gas
reserves providing an extra
three or four years of leeway.

It is from this perspective
that Petronas* articulate
managing director sees the
current world glut of oil as
a temporary phenomenon.

“There are only certain
reserves in the world and con-
sumption continues to grow. I
see scarcity coming up. May-
be this does not apply over
the next three years but in
the. longer term shortages are
inevitable. There is a back-
‘ ground of general scarcity.**

While Malaysia’s oil and .
gas reserves last they are
likely to play a critical role
in the country's development
Gas coming onshore in.Bln-
tiiiu in Sarawak is to be the
feedstock for a range of
ambitious new development
projects. The LNG plant will
in dne course provide Japan
with 6m tonnes of LNG a
year. 20 per cent of all its gas
needs. A crude oil terminal
and a urea/ammonia plant are
being built along with palm
oil tanks.

The Bintulu Development
Authority also has plans for
an al umin ium smelter, an
Iron ore reduction plant and
a steel furnace, though recent
cuts in Malaysia’s federal
development spending plans
are likely to mean these pro-
jects being pnt on ice for a
while.

Further along the Borneo
coast in Labuan in Sabah
associated gas being piped on-
shore from the Samarang and
Erhwest fields is to be used
for a sponge iron plant a
methanol plant and a host of
smaller developments.

Gas coming onshore fn
Trengganu is likely to be for
domestic use, making gas the
main fuel for Malaysia's
industrialisation plans in the
years ahead.

%» o Tew

f^untong ')--Mok

-South,

-Sondfajgr

Fcarfey^.

A B A . Hi

r }

BRUNS:

X.

.SARAWAK

.. w^ssss^^ ^»-is55SS5asaj

hsWo

.KALIMANTAN

Wedded to industrial projects
despite adverse times

M ALA YSIA is launching into nol plant In all more than $4bn HICOM is re-examining the Sarawak— although the Malay-
the most ambitious phase of its has been committed to these project It does sot want to sian authorities ate in' two

the most ambitious phase of its has been committed to these
industrialisation programme — projects,
development of heavy industries The creation of a heavy
— at an inauspicious time. industrial sector is something
Recession has thrown up a close to Prime Minister Dr
worldwide surplus of capacity Mahathir’s heart but it would

projects. be caught with a plant whose minds whether to allow them

The creation of a heavy capacity exceeds local demand, to exploit the tremendous

industrialsector is MmethilS because for the past three years hydro-power potential of Sara-

dSfto PriSf Minister Dr demand for cold steel has been waifs rivers for cheap energy.

uah-.thi.Jc’ it uk,,.],* flat. Malaysia’s manufacturing

fiat. Malaysia's manufacturing

in steel, ship-building, oil be wrong to assume it is based Tan Sri Jamil says at sector has grown rapidly since

refining and manufacturing, on sentimental reasons, some stage, perhaps by 1990, independence and now accounts

Within Malaysia it has led to a Malavsi , verv i™ HICOM would have to consider for 21 per cent of Gross

contraction in demand and a r J£™s of natural up ,? ^Moiling steel Domestic Product The^ovem-

scueeze on revenues forcing big 111111 as weil (to supply steel meat's import substitution

TSSS^^SSSSb^ “j?p d an 0f a?rSe ^TSVe for ,* e rollingjniU) but policy : of the 1960s and .its
TWanv Fnrp.trn i mi uct-riaiictR SmSmt Sr » Sr£ such a venture would have to labour-intensive export-onen-

.JJff in.? 2X1 i H tEf S ? ftSSf have a capacity of 3m tonnes tated policy of the 1970s . has

argue that apart from the bad it off in the course of -lifting Dro g; a hie Zu»*n hiehiv fiitccessfuL

timing the Malaysian market of oil the Government wants to „ ifL P ' , \ v , “S

13m oeoDle is too small to sut>- establish a range of industries What we are doing is back- The policy of the- 1980s is to

argue that apart from the bad it off in the course of -lifting
timing the Malaysian market of oil the Government wants to

13m people is too small to sup- establish a range of industries
port a heavy industrial sector. using the gas as fuel or feed-
Despite these obstacles the stock-
Malaysian Government remains The sponge iron plant, cur-
singulariy undaunted. remly being built by a Japanese

to be profitable. - been highly 'successftiZ.

“ What we ere doing is back- The policy of the 1980s is to.
ward integration. We have the encourage greater agro-based
demand for end-products of processing and higher value
steel and we are working back- 'goods, instead of the sensitive

alaysia's Malaysian Government remains The sponge iron plant, cur- t0 pr0 d uce the raw textile and electronic assembly

i in the singularly undaunted. remly being built by a Japanese t ^ riaL ., factories which employ tens of

Mr Rastam Hadi. managing consortium, is an illustration of mc0M thousands of workftrs. at .wages

w n director of Petronas, the how the Government jHitemb^ to- The, -

P' nm^amip' 15 fa c av y industrial nese ana Singapore partners is Manufacturing has not been

^ ps best summed up the programme. ^ 3200m l^m-tonne cement spared by the recession. Out-

Government s attitude when he Sited at Telok Kalong in the plant at Langkawi Island in put declined by 1.8 per cent

Government's attitude when he Sited at Telok Kalong in the
said: " Suppose there is a east coast state of Trengganu, Jj, e north,
surplus of restaurants. Would a the plant will use gas under

during the first quarter of 1982 ,

surplus m restaurants, woiua a the plant will use gas under - h lrf _ p ^ ^ compared with 6 per cent

person building his own house the direct reduction method to S growth in 19S1 and 12 per cent

lews out the kitchen ? ” produce 600.000 tonnes of “5,. durta the

leave out tne mtenen r produce 600.000 tonnes of docWe its caoacltv eventually growth annually during the

Tan Sn Jamil Jan. executive billets to supply the steel mills “J, SSmi 1070s.

chairman of the Heavy Indus- in the country for production of Ending ptottothe' Exports of manufactured

Corporation of Malaysia bars and rods for the building L e KO ods fell riiaiply by 23 per

(HICOM), concedes the Malay- industry,
sian market is smaH but is The i

n the country for production of dinker gnruilnz plant in the Exports of manufactured

™ as tDr ae ’ 3ulldms southern state OE Johore. f=U *«ply hy 23 per

nous try. At present because of ce* 1 * between January and

«2T£ distancef Johore imports as March this ,;e»r to l^Obh

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confident that even so it can tium, led by Nippon Steel, is uch ^ 400,000 tonnes of rtogglL with textiles and semi-
support the projects Ins newly taking a 30 per cent equity & causeway finished electrical goods the

formed corporation is under- participation and has also lined hardest hit.

taking

jtaiuujMuu li ouu lias uucu c-mrw, CinaaKAM

up the necessary finance with ^Singapore. ^

.TansnMP inctitmionc on al.trap- HICOM. projects *H the pipe-

< ■■ !■ , .1’

it/ ' -7< / • * • • '• . •- '• • V" '* V v ■,* dt*.' ’ • ■ • ‘ * - • : '• .. • ; ; -

HICOM and Petronas both Japanese institutions on attrao ^^udi a motor ^de bigg«t Tnd moS moSim

E™HK <&!££. ”/ re t T ■ .. . ^ne plant fthw JapahSe P^ies with 2^00 workers, is

spearheading the heavy Indus- As tar as possible HICOM g roups ^ bidding to build it) working 24 hours a day. -seven
try programme, with the latter would want all its projects engineering complex, a w®®* 1 and yet is only

taking charge of oil and gas- . to be similarly packaged. The J™ pu^anj paper factory breaking even. No wonder

related projects soch as toe direct equity participation of ^car SSSiSSure are being virtually eveiy Malaysian tex-

^ Sh e iii «£22i 0I,trlCl0r serves aS “ Actively” studied for possible tile company 1 is diversifying

refineries and toe former toe a letter of intent had also .jjjjgflg “

non-oil industries. been signed with .another Several foreign aluminium

Over in the East Malaysian Japanese consortium, in which -onmanii**; ar<» ’also kppn to

state of Sabah the state energy Nippon Steel is involved, for a IpSJfT their smelters in

group is also building a $400m $250m 600,000-tmmes cold roll- smeners in

sponge iron plant, a gas- ing steel mill, also at Telok ~

processing facility and a metha- Kalong.

19S0s. partic

Several foreign aluminium ment -
companies are also keen to

particularly property develop-

w. s.

Over die past four and a half decades, the United
Overseas Bank Group has actively and successfully
participated in the economic development of Singapore
and the Southeast Asian region. Today, after several
consecutive years of astonishing economic growth,
Singapore enjoys the reputation of being the Zurich of
the East, while the United Overseas Bank Group has ■
become the biggest banking group in the country and
joined the ranks of trade finance leaders in the region.

Our assets now exceed S$9.7 billion. Our network of
over 80 branches stretches beyond the region to
Hong Kong, Tc^ ^London with agencies m
New York, Los Angeles and a representative office in
Sydney. And our first-hand knowledge of the economic
structure and potential of thereon Is an lilt

invaluable assk to anyone wishing to expand Jl^l
their interests into Singapore and S.E. Asia. ||T|
UNITED OVERSEAS BANK GROUP 1 1 1 1
Trade finance leaders in Southeast Asia.

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Sabah Development

Bank Beifiad

Malaysia’s efforts to achieve self-snffiaency in cement have
taken a major step forward with the commissioning of this
1.2m tonnes per year works at Rawang. The new kUn cost
Its owners— Associated Fan Malaysia Cement (an associate
of the UK group Bine Circle Industries) — a total of £40m
and took two years to complete. Oil-fired, it is claimed to be
among the most fuel-efficient plants of Its kind in South-East
Asia.

As a State development
bank, we are involved in promoting
economic development in Sabah, Malaysia.

Our role is to provide capital for industrial
and agricultural development in Malaysia
as a whole and. in Sabah in particular.
Up to m id-1982, the total loan and credit
facilities committed by the Bank stand
at $1,068 million. The projects benefited
so far include cocoa plantations, oil palm,
wood processing complexes, shipping,
housing and aquaculture.

■Our staff, having considerable experience
in many fields; are capable of advising you
on the financial and economic aspects on
doing business in Sabah. If you are
planning a new project or an expansion
scheme in. the State, feel free to contact
us and write in for a copy of our brochure^

GROUNp FLOOR

BERJAYA HEADQUARTERS BUILDING
P-O. BOX NO. 2172
KOTA KINABALU

sabah, Malaysia

Cable; SABDEVBANK
Telex: SABANK MA 80214
SABANK MA 80349
Telephone: 58522, 56673, 5S534

Financial Times Tuesday August 31 1982

*‘;c\

**&■■ :
' M !

a r\

CIS

5cr had

THE FAILURE OF CURRENCY FLOATING

15

are missing

By David T. King

THE ONLY thing that is per- . . , '

fectly clear- ^ahout ' today's .

volatile and uncertain exchange t+ j s apnerallv ampd
markets is that we have been AL g enerail y agreed
here before. But really, where that exchange rate
we are going should be almost „ _

as obvious : the exchange rate flexibility IS RdCeSS&ry

extremes of 1973. 1976 and 1979 __ j t>„ 4 .

wEre all soon followed by major desirable. But the

Sher^cUrectiaE?^ doUar ^ ^ big. swings in exchange •

Each of these sed.. changes " Fates, typical of the float -

went so far that it set in motion j n « cvct+atti nr a utiHaIv
underlying, current account m S sysiem, are Widely

adjustments, which, in tum, seen as costly and even ■.

eventually caused a further
massive exchange rate reversal.

The regularity and . economic
consistency of these broad
swings— in short, their predict-
ability — expose the key and
continuing problem of the float-
ing exchange system : the
absence of “ stabilising
speculation.” ;

,_It is not .difficult to identify ■ j* ^ ^ . .

dw' most important cause of forecasting currency
ntajor dollar movements during rhana-oc
the decade erf floating. ' * ,J UdIi S^-

r There have been three major •

movements of the dollar since ■— i ■■

floating began, coinciding with
'three dear treads in the U.S.
current account. The dollar has
steadily . depreciated during
periods of' current account de-
ficit, when the accumulated cur-
rent account declines, and per-
sistently appreciated through
periods of current account sur-

destabilising. More
rational exchange rate
movements in a free float
seem to require greater
confidence in established
economic relationships

THE DOLLAR AND THE CURRENT ACCOUNT

120

Index 1975=100

$ Billion

CUMULATED
CURRENT ACCOUNT
BALANCE ( index J

30

The problem, is that the mar-
kets carry the exchange rate
movement well beyond what is
required for the correction of
such a current account im-
balance. Thus, in a period after
the real exchange rate has
moved enough to eliminate a
current. account imbalance but
before the current Account has
. had time to adjust, the exchange
markets continue to position
themselves on the basis of ob-
served though inevitably transi-
tory, current account informa-
tion. By the time the current
account Actually hums, the real
exchange rate is so far under-
or over-valued that a massive
current account reversal is
unavoidable and the cycle slftrts
all over again.

'In an important study pub-
lished in 1978,* Professor Pat-
rick Minford of Liverpool
University, a firm proponent of
floating exchange rates, identi-
fied these' dynamics in the
British pound’s exchange be-
haviour. They characterised, he

suggested, the “ infancy of float-
ing.”

As the child grew up. its

experiences wouhi^teach it the 1
reliable and powerful, if lagged,
relationship between real
exchange rates and current
accounts. When . the foreign
exchange market came of age,
participants would adopt size-
able counter-positions as real
exchange rates moved beyond
levels necessary to correct trade
imbalances. In other- words,
stabilising medium-term specu-
lation, based on established
fundamental economic relation-
ships, would become common,
and the extremes of exchange
rate fluctuation would be sub-
stantially dampened.

In fact, however, after nearly
a decade of trial and error, float-
ing is still a child, afraid of
the dark in a medium term
exposed foreign currency posi-
tion.

Perhaps the light of potential
cash returns will encourage the
maturation of floating. The most
straightforward bet on the
fundamentals of international
trade involves taking a financial
position in response to an
extreme movement of the real
exchange rate, calculated in any
simple way. In historical terms,
“extreme” may be defined as
something on the order of 10

per cent That percentage over- the spot dollar's peak in the
valuation of sterling, caused by Jhird quarter of 1981 and well
**'“ situated for the fourth major

the Baldwin-Chuxc Ml 1 adminis-
tration's return to the gold
standard in the late 1920s,
brought the British economy to
its knees within five years. The
10 per cent overvaluation of the
dollar by 1970 resulted in the
collapse of the Bretton Woods
System.

If, from the 1973 start of
generalised floating, one had
adopted a basic rule of taking

a cross-currency* . counter-posi-
tion following any 10 per cent
movement of the dollar’s real
exchange rate, the profits would
have been enormous. As shown
in the accompanying chart, one
would have gone short in
doHars in late 1975, just at the
doUar-Deutscbe mark turning
point and only slightly below
the dollar’s nominal peak of late
1978. After a substantial gain,
the position would have been
reversed, to long in dollars, in
mid-1978. again ahead of the
turning point, but only moder-

reversal in dollar exchange
rates which will come in the
quartets ahead
One of the easiest ways for
the corporate and government
sectors to take advantage of
these opportunities is through
cross-currency diversification of
their nonmal medium-term bor-
rowing requirements. The
statistical evidence shows that
the- .esponse of .ciu-rent account
baidiaces -to real exchange rate
changes is fully underway with-
in three years. Thus, for
example, the “10 per cent rule,”
triggering a sbort-dollar posi-
tion in mid-1978, would have
prompted U.S. corporations and
the U.S. Government to finance
domestic operations by borrow-
ing at a three-year maturity in
.say, Deutsche Marks. A V-S.
entity borrowing $10m would
have issued a DM 20m, three-
year bond in mid-1978, at an
interest rate of about 6.5 per

ately, especially relative to the . cent. Assuming annual interest

dramatic appreciation of the
dollar that began in mid-1980.

By ntid-1981, a short dollar
position would have been
adopted, at a DM/doilar rate
in the upper 2.30s. This posi-
tion would again have been
early, but only slightly below

payments and retirement in
June 1981, the net dollar cost
of the borrowing would have
been 3400,000 — an annualised
interest rate in dollars of 15
per cent. Had ?10m been raised
in U.S. credit markets for a
s imila r period at She interest

Marzyn Barnes

rale of about 9 per cent prevail-
ing in mid-1978, the net cost of
servicing the debt would have
been $2.7m.

Even with current interest
rate differentials, the size of the
broad exchange rate movements
typical of floating promises that
dollar borrowing will ar worst
break even with Deutsche Mark
borrowing over the next three
years, more likely doing several
percentage points better. Cer-
tainly it is a dangerous illusion
for U.S. corporate treasurers to
look now at lower interest rates
abroad as an opportunity for
reducing borrowing costs by
issuing longer-term debt denomi-
nated in heavily undervalued
foreign currencies — as some
unfortunate UK companies did
in late 1980.

Governments can use cross-
currency debt diversification to
moderate extreme exchange
rate swings while reducing
interest expenditures. This
bond-based technique avoids
the monetary effects of
exchange market intervention.
The German Government could,
long before now, have easily
generated enough capital inflow
through the issue and con-
version of doUar-denominated
securities to stabilise the DM
rate, simply redenominating a

relatively small proportion of
its ongoing new debt.

Just as German corporate
sector conversion of borrowed
dollars has no monetary effect
in Germany while supporting
the DM rate, neither do govern-
ment borrowings.

An efficiently operating float-
ing exchange rate system is
disciplined by internationally
integrated financial markets.
This was wfaat the academic
proponents of floating en-
visioned In promising fluidly
stabilising speculation that
would keep rates close to
fundamental trends. In fact,
however, finance was not really
ready for floating, and capital
markets are still not at all well-
integrated across currencies.

Cross-currency liability

management is extremely rare,
and all but a tiny proportion of
medium-term investment is
confined to the home currency.
Even governments, charged
with macro-economic stabilisa-
tion, typically take long-term
cross-currency positions only as
a last resort in an exchange
rate defence package. This can,
and should, change. Intelligent
cross-currency financial posi-
tions, since they are based on
the prime mover in economic
adjustment — real relative prices
— carry low risk and are reli-
ably profitable.

Perhaps as the fourth major
movement of the dollar emerges,
coinciding with the fourth
major reversal of the industrial
countries’ current account pat-
tern. governments and corpora-
tions will come to recognise the
opportunities offered by ex-
change rate movements for
substantially reducing financing
costs and achieving more
optimally diversified debt port-
folios. Stabilising speculation
will hopefully become a more
normal activity, and the floating
exchange rate system will finally
come into its own.

The alternative is disturbing:
the two major inflation shocks
of the 1970s were not unrelated
to the major dollar depreci-
ations that preceded them and
next time around it is the
dollar’s turn again for the short
end of the stick.

Lombard

Stark arithmetic
of productivity

By Max Wilkinson

HERE IS a simple question with years. However, if we assume
a disturbing answer. If Britain a more optimistic average of
had the same overall 3 per cent growth a year, it
productivity as Italy, but output would take 10 years to catch
remained at its present level, up with where Germany is now.
how many people would have Since France, Belgium, and
been unemployed in August? the Netherlands have slightly
The answer is a matter of higher overall productivity than
arithmetic based on the National Germany it would take rather
Institute of Economic and Social lunger to catch up wilh them.
Research’s latest estimate (for At the end of this 10-year
1980) that Italian overall output spurt. Britain would still have
per employee is about ti» per its present level of unemploy-
cent higher than in the UK ment— 3m adulls i ignoring
This means that with Italian population changes)— and it
productivity, the UK would would still be 10 years behind

need about 2ra fewer workers
to produce the same omput and
total unemployment would now
be 5m.

its Continental competitors.

AH this. tt mutt he
emphasised, is just arithmetic,
but it shows very sinrkly what

Most of Italy's superiority is Sir Geoffrey Howe had in mind

in its manufacturing industry
which is about 50 per cent more
efficient than Britain's. If the
comparison is made with a
country such as Germany or the
Netherlands which are more
productive in most sectors of
the economy the results are even
more startling.

With output unchanged and
West Germany’s overall produc-
tivity, UK unemployment would
be 9m. If. on the same basis.

when he said last week that
high unemployment would be
with us for a long rime and that
the road to restored competi-
tiveness would be a slow one.

Sir Geoffrey has said
repeatedly that the key to
reducing uncmploymeni must
be improved compel itivn ess.
and that must come from higher
productivity as well as more
moderate wage settlements.

But the Government has been

Jhe UK had the same «oduc- r~ c

livifv 'is Mu* US I 4 Sm nennlt* unMOUS to emphasise l lie

“If. u :r* u T ***£!?,: truism that n cannot deliver a

* Patrick Minlord. SubtltiuZion Effects.
Speculation and Exchange Rate Stability
(North- Ho II and. Amsterdam. 1978).

Or King it vice-president. Inter-
national Finance Department, at Citi-
bank in New York, and worked earlier
ar the Federal Reserve Bank ol Haw
York and the OECD in Paris.

These are, to be sure, only
arithmetical truths, and the!'
do not take account of the 10
per cent improvement in UK
manufacturing productivity
which occurred last year. More-
over, the comparison with the
U.S. should not be taken loo
seriously because of the huge
economies of scale there. How-
ever, these comparisons do say
quite a bit about the constraints
on policy.

Look at the question another
way: it would clearly be un-
realistic to expect UK produc-
tivity to rise by 35 per cent to
match West Germany’s present
performance without an accom-
panying increase in output.

If output grew ai exactly the
same rate as productivity (out-
put per person), the total
number of jobs would remain

sustained improvement in pro-
ductivity without horrific un-
employment unless it also has
a sirategy for rapid growth in
real output for the medium
term.

Perhaps Ifte Governmcnj had
no choice bul to Torus ns
initial efforts on forcing down
people’s expectations for in-
flation: and one uf the eon-
sequences of its tight policies
does seem lo have been the
sharp rise in productivity last
year. But, ihere is a strong
argument that the focus must 1
now change towards a major
political effort to raise people s
ambitions for growth.

It is hard lo see how this
could be achieved uithout more
official discussion about how
the Government might prime

the same. So the second ques- the pump and then help to keep
tion is: how many years of growth going,
matched growth of output and The data for the calculations
productivity would be needed are as follows: UK employed
for Britain to reach West labour force first quarter 1982:
Germany’s present perform- 22.4m. unemployment (adult)
ance? August: 3.2flm. Total product!'

The answer clearly depends vity for 1980: (UK =100) West
on the rate of growth. At the Germany 134-140. U.S, 160-200,
rate expected for this year— France and Netherlands 350,
1 per cent— it would take 33 Belgium 140 and Italy 110.

Letters to the Editor

Mrs Thatcher, Varley, and the grass roots

From Mr F. Wkitehousc

Sir,— Mrs Thatcher shouldn't
he tempted to fall for Eric
Variey’5 version of what the
workers think of unemploy-
ment He's as far from the
grass roots as an absentee land-
lord and puts on the old record
from force of habit every time
new figures appear.

But the fact that he is out erf
touch with what is going on
down below shouldn't stop heir
putting her crew urgently to
work on bringing her ahead of
the Opposition in an understand-
ing of the country's new mood.

Labour Was thrown out at the
last Election because their old
supporters felt let down by their
overall performance. Maggie's
best chance of winning the next
election is by seeing , to it that
voters don’t develop that, same .
sickened sense of her.

She has. a lot going' for. her.
Even in this~ : Socialist Republic

of South Yorkshire there is not
the old readiness — in private —
to shovel all the blame for our
present plight on the Govern-
ment.- It is getting into count-
less working minds that you
cannot have both a soft and a
secure job. Not in industry
anyway.

Just as they are rapidly
realising that you cannot cry
out for State protection of borne
industries and at the same time
stuff your garage, wardrobes
and house with foreign-made
goods, they are slowly accept-
ing that. they have to be as
ready to sell cheap as they have
been to buy. Some of Mrs
Thatcher’s arguments are bear-
ing fruit. In future she will
get a more receptive bearing.

The apparent “ganging up”
of the CBL with the TUC to
squeeze her into softening her
fiscal policy isn’t doing her jell
that much harm. . Too many
workers think they are being

used as catspaws to improve in-
dustry’s profitability rather
than find them more jobs.
Which makes them dubious of
what’s afoot

Of course, theoretically, even
people in work are scared stiff
of coming out of work. But it’s
not the odd fear that we knew in
the 1920s and 1930s. living is
still too good for that and they
are readier to accept re-assur-
ance that what can be done is
being done! And it’s putting
herself ahead of the field in this
battle for the people's minds
that’s going to keep her in
No. 10.

With Labour and the TUC in
their present turmoil she's in
with more than a good chance.
But she must keep her ear dose
to the ground. She can’t afford
to blunder on the run home.
Frank Wbitehouse.

135, Ecclesfield Food.
Chopeltoum ,

Sheffield.

Piece work and
day rates

observed with regard --to equal
opportunities and equal pay,
there 'are still jobs which are
very • typically thought of as
men’s jobs and those which are
reserved for women. I only wish
I could see some real prospect
of any real change in the
situation.

Rosemary J. Berry.

Director Personnel.

UK Travel Operations.

Thomas Cook,

P.O. Box 36, Thorpe Wood,
Peterborough.

little movement on
discrimination

From Ms Rosemary Berry
Sir,— it is often said that one
cannot . legislate against dis-
crimination. How true that is!

I read with considerable interest
the recent' article on the trials
currently.w progress in Non-
mandy on the “Smart ” card in
tiie . development of electronic
funds transfer. .The article was
most informative and reminded
one of the pine of change which
exists in so many fields of
technology; '

Towards Hue end however, a
simple observation slipped in,
which illustrates the percep-
tions which are. so common
our., society about the

winch men and women typically industry. -

play in a- business environment, or ganis ation iff attempting to be
particularly 'a retaiT one. “In the economically realistic, as con-
morning the manager can ‘open' firmation of its membership
the -ostein with his card* the ^searches, indicates,
cashier cannon with hers.” ; seems that Government has
! have been closely associated these part twelve months,

with both retail and banking at approximately three-monthly
industries in this country- since intervals, indulging in a public
before : the •i p trp d nctloh of legis- relations campaign, to tell the
latino either oh sex discrunin- gantry, and the business world
atfohr or equaL pay and it *
saddens me that there , has been
so ffftle .movement' oyer a
decade or more- to change the
roles of men' and women within
the retail industry- : /

I foe! .able to say that my own'
company is far Jess chauvinistic'
than some but I know for a

No magic wand
will be waved

From Mr D. Pitts .

Sir,— 1 view with complete

of Government belief to the
contrary.

The basic situation seems that
with Sm-plus unemployed, no
Government, whatever colour, is
going to wave a magic wand
to cure our ills. The sooner
the public at large, realises that
government of itself has no
money, and only acquires It by
taxation, then it surely most be
dear that there are increasingly
fewer of us wb- are attempting
tc generate Wealth and pay
taxes, .while there are increas- ■ m. Barclay,
mg numbers of those who have p inp Tubes
to be supported — the public
sector and the unemployed.

Please will the Government

attempt to reduce the revenue . : “

expenditure of this public sector
■ — the -wages and salaries ^ 1 . ••

to a level of efficiency com- Frustrations OI
parabl e with present private

From the Managing Director,
Fine Tubes

Sir, — It would be interesting
to know the authority on which
Mr T. Finnegan ( August 25)
bases his claim that moving
from piece-work to day rates
must involve acceptance of a 20
per cent reduction in employee
effort.

This dangerous fallacy must
not go unchallenged. Like so
much else in life one gets what
one deserves and this applies as
much in management as in
private life.

For too long much of British
management has used piece-
work as a crutch and. an easy
alternative to the prime respon-
sibility of leadership. If man-
agers will earn the trust of
their employees by, among other
things, consistent fair treat-
ment and the regular provision
of all the facts, they will find
that nothing is impossible, in-
cluding the maintenance of high
productivity.

Rolls-Royce has got it right:
if it fails it will not survive. It
will succeed as many others
have done before. But it calls
for dedication, long hours and
hard work.

If I correctly recall a famous
British Institute of Management
survey, the majority of British
managers would prefer to be
gentlemen -fanners. Perhaps

that is one of the main causes
erf our present national prob-
lems.

Bank on

Grindlays

in the Pacific Basin

; . organisation with over 200 branches
in more than 40 countries, providi
1 ' • ' ■ • ■ \ range of bankingand financial j

• ' "N Grindlavs Asia Limited, thf

■Estover.

Plymouth.

on m dismay, the current media view industry (which has already delivering fetters
.roles ^ the Confederation of British been through ,ts “trauma of „ „

really industry, i believe that that change these past two and a From Mr J. B. Potts

in particular, that things are
not really as bad as they think
and. in fact they are getting
progressively better. The hard
fact of IHe is that the majority
of those . in the . construction
Industry are having a pretty
rough time, increases in cost
are only acceptable through

i acE-- that -within tfie retail 'improved efficiency and per-
industry per se, while the letter formanee. Many of us see little
of the law j» ' undoubtedly real increase in activity, inspite

half years) so that a realistic
view may be taken of -capital
expenditure which, through
national and lodat government
accounts for some 80 per cent
of the construction industry
throughput

Finally, let us get away from
the “sides situation” Why
shouldn’t organisations- like CBI
talk to the Opposition, as well
as Government, whoever is. in
power. ; ■ AIL surely, it is trying
to. do. is to help develop toe
economic base of the country,
so’-that there may be a fairer
balance between those who pro-
duce wealth and those who
consume it
David Pitts and Holt
41$' . Cutler Heights Lane,
Bradford* Yorkshire.

Sir.— I have recently been in
volved in delivering envelopes
for a charitable appeal to a
large number of firms in the
City of London, -and have found
-it a frustrating experience.

\ Many buildings do not show
a street number, and a signifi-
cant proportion of corner build-
ings do not show the street
■name. Newly-construoted build-
ings are major offenders.

Can I prevail upon your
readers in the Oity to check
whether tireir own building is
' an offender, and in which case
to do something about it
J. R. Potts,

Lloyds Chambers,

' 9-13, Cmtched Friars,

EC3 . 1

, i- The Grindlays Bank Group is a British based

organisation with over 200 branches and offices
more than 40 countries, providing a wide

services.

Grindlays Asia Limited, the Group’s
merchant bank based in Hong Kong, co-
ordinates and provides a wide range of -
■ s services for the region with specialists
' -. in the capital markets, shipping,

• \ export finance, leasing and project
A advisorywork.

Elsewhere in the region
Grindlays Bank has branches in
Japan, Korea, Singapore and
• Taiwan, a subsidiary in Australia,
and representative offices in
■; Indonesia and Malaysia, where the
Group is also a major shareholder
: in Asian International Merchant
Bankers Berhad.

In addition the Grindlay Brandts
' * ’ Insurance Broking Group has an
V, office in Singapore and an associa-
if' tion with P.TI.B.S. Insurance Broking
Services in Jakarta.

So whether you require trade finance,
bonding facilities, foreign exchange,
corporate banking, eurocurrency finance or j
a wide range of other financial services, you
can bank on Grindlays in the Pacific Basin.

Grindlays

Bank

Group

Grindlays Bank pJ.c„

Hsflcf Office: 23 Fencfturcfi Sfreef, London EC3P3ED.

Tel: 01-626 0545. Telex: 685043/6 GRNDLY G.

Hons Koto: Grindlays Bank pJ.c,P-0. Bdx 9707,14th Floor, China Building, Queen's Road Central, Hong Kong.

Tel: 5-266577. Telex; 75132 AVREN HX.

Grindlays Asia Limited. 14th Floor. China Building, Queens Road Central, Hong Kong.

Tel: 5-Z66577. Telex: 75132 AVREN HX.

Malaysia- Grindlays BankpJ.c.,81h Roor.Bangunan Hong Kong Bank. 2 Leboh Ampang. Kuala Llimpuc
Tel; 26729/2624 1.Telex: 31054 GRNDLY MA.

I Branches or offices in: Australia • Austria ■ Bahamas - Bahrain • Bangladesh - Brazil - Canada ■ Colombia - Cyprus ■ England - France* Germany* Ghana

I Greece* Hona Kong - India - Indonesia - Iran - Japan - Jersey - Jordan ■ Kenya - Republic of Korea ■ Malaysia - Mexico - Monaco • Oman - Pakistan -Oatar-Scolland
Singapore- Spain • Sri Lanka • Switzerland - Taiwan ■ Uganda - United Arab Emirates • United Stales of America • Zaire -.Zamora -Zimbabwe

» (

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■IHE HONGKONG
' BANK GROUP

announces that,
on and after

1st September 1982

the following annual rates
will apply

Base Rate 10£%

(Previously 11%)

Deposit Rate (basic) 7 2 %

(Previously 8%)

The Hongkong and Shanghai
Banking Corporation

The British Bank
of the Middle East

Mercantile Bank Limited

Antony Gibbs & Sons, Ltd.

Companies and Markets UK COMPANY NEWS

Hanover
Invs. at
£30,000

Including interest received of
£ 141.000 for the period, pre-tax
profits of Hanover Investments
(Holdings) amounted to £30,000
for the year ended February 28
1982, on turnover of £l.84m.

Figures for the previous year
were £233,000 and £4.99m respec-
tively, but these included trading
profits of £286,000 and turnover
of £3.26m in respect of the
tobacco and engineering busi-
nesses which were disposed of
or discontinued during that year
—the company was formerly
Sobranie (Holdings).

.The leisure division suffered
substantial loses in 19S1-82—
these have been effectively
curtailed since the year-end —
which adversely affected the
steady progress made by the
other trading divisions, directors
state.

The group’s current trading
position shows an improvement
over the corresponding period
last year, they add.

The dividend is maintained at
l.Sfip act per lOp share with a
same- a gain final payment of
1.15p.

There was a tax credit of
£ 34,000 (£175.000 debit) and an
extraordinary credit of £44,000
(£229,000).

Quest Automation
results delayed

BY DOMINIC LAWSON

Quest Automation, the
troubled Computer-Aided Design
(CAD) company, has delayed the
announcement of its full year
figures for the year to Febru-
ary 1982.

The figures had been expected
in August, hut arenrdine to man-
aging director Mr Tony Ebel
"there has been a delay in get-
ting the full results from over
seas subsidiaries. But it is just
a question of dotting the i's and
crossing the tV.

Mr Ebel added that ‘UK sales
sn far this year have been twice
the level achieved in the whole
of 1981.” '

On January 6 1982 Quest an-
nounced a pre-tax loss of £1.46m
for the six months to August
J9S1. and on the day the shares
fell 25 per cent to 1O0P- A fort-
night ago the shares, which have
been as high as 140p this year,
fell to an all-time low of 20 p.

On Friday the shares added 3p
In dose at 30p. capitalising the
company at £4.2m.

Phoenix Timber
forecasts first
half losses

ANGLIAN AND
NW WATER

The Monopolies and Mergers
Commission has been allowed
more time to report on its in-
vestigation into the sewerage
functions of the Anglian and
North West Water Authorities.

The reporting period has been
extended by one month to
October 2.

Fairview Estates pic

Preliminary Statement - year ended 30th June 1982

Turnover

PROFIT BEFORETAXAHON
■ Taxation

Profit after Taxation

Amount Absorbed by dividends
Dividend on Ordinary Shares
Interim * :

Final

Total

Earnings pershare
Net Asset Value per Share

Year Ended
30th Juie 1982

Year Ended
30th June 1981

£000

£000

30,971

27331

6^47

5,745

1/342

2,898

5,205

2,847

1^85

1319

1.328p

1265p

3.673p

5.001p

4547p

155p

8-8p

155p

144p

DIVIDENDS

The final dividend proposed by the Directors of 3.673p pershare is the net payment to
shareholders. Taking into account the tax credit available to United Kingdom shareholders,
•the total dividends paid or proposed represent a total of T.144p per share. The final dividend
will be. subject to approval by the members, paid to those shareholders on the register at close
of business on 1 6th September 1982.

PROFITS PROSPECTS

The results show a reasonable improvement in profit on the preceding year, In particular
the growth in contracted rent roll from £3£m to £4.44m (over 26%) is pleasing. The general
economic climate during the period has not made house sales or Investment lettings easy.

Fuji details of a proposal to withdraw from housing completely upon a phased baslaare
being forwarded to shareholders.

D.J. Cope. Chairman
27th August, 1982 .

Fairview

DE5PITE A 7 per cent increase
in first quarter sales the Phoenix
Timber Group is unlikely to
return tn profitability in the
current half year. Mr A. B. Gnur-
vitch, chairman, tells memhers
in his annual statement.

As reported nn August 9 this
timber importer and merchant
reduced taxable losses from
£2.56m tn £1.24m in the year to
March 31 19S2 on higher turn-
over nf £39.59m. compared with
£37.81 m. Losses per 25p share
were given lower at 4].5p
(£75.3p) and the final dividend
was again missed.

The chairman said then that
the present downward trend nf
interest rates should help to
restore business confidence, but
in view of the experience of last
year the directors’ optimism must
be tempered with caution.

At the year-end shareholders'
funds stood at £7. 08m (£R.14m).
Fixed assets were valued at
£7Jttn (17. 39 ml and net current
assets came to £4.B7m (£3.75m).
During the year there was an
increase in working capital of
£ 1.22m i£2.7m decrease).

Current cost adjustments in-
creased. the taxable losses to
£1.47m (£3. 18m) and the losses
per sbare to 49p (96p).

Meeting. Rainham. Essex, Sep-
tember 23, noon.

BOARD MEETINGS

The following companies have notified
Wales of board meetings to the Stock
Ej change. Such meetings are usual]/
hold for the purpose of considering
dividends. Official indications ant not
available as to whether the dividends
are Interims or finals end the sub-
divisions shown below are based
mainly on last year’s timetable.

TODAY

Interims: Elys (Wimbledon), Lad-
broke. Lambert Howarth, Madarlane
(Clansmen), Nu-Swift Industries
Thomas Robinson.

Finals: Cowan De Groot. Rightwise.

FUTURE DATES

Interims—

Bramall (C. D.) ’ Sept 13

Church Sept 3

Crode International Sept 9

Elv3 (Wimbledon) Aug 31

Liberty Sept 24

Lnnrian United Investments ... Sept 14

RMC Sept 29

SpancBr (George) Sep: 18

Wilson (Connolly) Sept 9

Final —

Electronic Machine Sept 9 I

SEET
ahead in
current year

of

to

THE GROUP balance sheet
Scottish,. English and European.
Textiles remains strong and the
results shown by . management
figures- to date are better than
those for the same period last
year, says Mr J. B. M. Mackenzie,
the, chairman, in_ his annual
statement.

Despite certain comments
the contrary the worldwide reces-
sion still appears to be here, he.
says, and as a result iris very
difficult to give any firm indica-
tion as to the likely group results
for 1982-83 until publication of
the half yearly figures.

As reported August 19, pre-tax
profits of this woven fabrics
manufacturer, fell from - £L42m
to £0.B5m for the year ended
April 30 1982 on turnover down
from £12.89 m to £10.92m.

At the year end, group share-
holders' funds were up from
£5.04m to £5. 56m. Net current
assets improved from £L23m
£4. 68m, while fixed assets came
to £l.99m (£2.18m). There was
an increase la working capital
Of £345,000 (£573,000).

BERKELEY

exploration:

Acceptances have been received
in respect of 4,807,431 new shares
of £1 each in. Berkeley Explora-
tion and Production, representing
approximately 96.8 per cent
the new 4,965,000 new shares
offered by way of rights
ordinary shareholders.

’ The new shares not taken up
have been sold in accordance
with the terms of the issue for
the benefit of the ordinary share-
holders to whom the shares were
previously allotted.

Underwriters have accordingly
been relieved of their liability.

PENDING DIVIDENDS

Date 5 when some of the more important company dividend
statements may be expected in the next few weeks are given in the
following table. The dates shown are those of last year’s announce-
ments except where the forthcoming board meetings (indicated
thus*) have been officially notified. Dividends to be declared
will not necessarily be at the amounts in. the column headed
“ Announcement last year.”

Sharp rise
at Benford
Concrete

For the first half of 19S2,
Benford Concrete Machinery has
lifted pre-tax profits from £0.94m
to £1.6 m. on turnover of
£14.55m, compared with £10.53m.
The better result reflects' the
completion of two exceptional
and unusually large export con-
tracts.

After tax of £650,000 (£400,000)
net profils were ahead from
£530,000 to £955.000. Earnings
per 10p share were 1.9p higher
at 4.3p. while the Interim divi-
dend is unchan Red at 0.875p net

•last year's total payment was
3.025p on taxable profits of £3m
C£2.31m).

FT Share
Information

The following securities have
been added to the Share
Information Service: —

Black (Michael) (SectAou:
Electricals)

South Crofty (Mines: Tin):
West Bromwich Spring
(Engineering).

REDMAN BUY-OUT
Bed man Keenan International
has sold Swindon-based Redman
Engineering, the UK market
leader in unitised punching and
notching equipment, to a con-
sortium of the company's direc-
tors and management team.

NO PROBE

The proposed acquisition, hy
Hanson Trust of United Gas In-
dustries is not to be referred to
tbe Monopolies and Mergers
Commission.

Data

Sept 25

Sept 22

Ini. .Sept 1

Ad well
APV

'Babcock
•Bank of

Scotland... Sept 21
‘Burratt

□evelopmis ..Sapc 21

•BET Sept 2

"BICC Sept 8

•BP Sept 2

BTR Sept IO

Barrow

Hepburn, ..Sept 15

Beiam Oct 6

Bell (A.) Sept 29

Bilton

(Percy) ...Oct 1
• Blackwood

Hodge, ..Sept 9

Booker

McConnef...Sept 17

•Bdwatar Sept 15

Bowtharps ...Oct 1
British

Aerospace... Sept IS
•British Vita ...Sept 7

Bunxl Sept 1G

Burmah Sept 16

■Cadbury

5rhweppe>...5ept 2

Cape inris Oct 6

•ClMrierhouea

Group.. .Sept 2

•ComlMjn Sept 7

Combined Eng

Eng Sira Oct
Commercial

Bank Aust...Aug 13
•Cons. Gold

Fields.. .Sept 14

•Costain Sept 7

Croda lot ...Sept 9

•DRG Sept 22

Oebenhems ...Oct 9
Delta Sept 16

Dunlop Sept 24

Eagle Star ...Sept IB
Expamet lnL..Sept 15
FiBOne ......Sept 21

Freemens Oct 5

*GRE Sept 1

GKN Sept 17

Grattan Oct f

Guinness

Peat... Sept 11

Heden Sept 24

Hambro Lite.. .Oct 7
Harris

Queensway.. .Oct 7
Hawley Grp...Aug 2 B
•Hapworrir

Ceramic-.-Sept 9

H Sweden-

Stuart...Oot 8
Higgs & Hill...Oct 7
'House of

Fraaar...Sept 39
IMl Sept 7

Announce-
ment last
year
Final 5.4.
Interim 2.8
Interim 3.4

Date

..Sept 8

Announce-
ment last
year

Interim 2.75

Interim 10

Final 8.8S
Fmat 5.709
Interim 3.33
Interim B.25
interim 4.25

Interim 3
Interim 3.805
interim 1
Interim 3.5
Interim 3.7

Interim OJB
Fine! 1.5
Final 3.18S

Final 0.72
Interim 2.4
Interim 1 AS

Interim 2.5

Finel 15
Interim 3-01

Interim 0.5

intanim 3.9
Interim 1 .375 .

Interim 1.378
Interim 4.25
Interim 1.521

Interim 3.0
Interim 2.7
Interim 4.5
Interim 1.5

Interim 1.125
Interim 3.75
Interim 3.0

Interim 7.2
Interim 4:5

Interim 1.3
Interim 3.9

Interim 3.14
Interim 3.7

Interim 1.925
Interim 1 Jl

Interim 3.S
Interim 5.5

7 Interim 1.49

Final due

Finel 16.00
Interim 4.5
Interim 1.5
Interim 3
Interim 2.041
Interim 1.S2
Interim 2
Interim 7.0
Interim 2.0
Interim 4
inrerim 1.9
Interim 8.75
Interim 4.0
interim I;86B

Finel 1.25
Interim 2
Interim 3.5

Interim 1.33
'Intenm t.I

Interim 2.25

Interim 0,475
Interim 2.5

Interim 2.0
Interim 2.0

•XCA Int

Klein worth

Benson. ..Sept 22

• Ladbroko .Aug 31

Laing (J.) ...Sept 29
Laporta ......Sent 22

•Lead Industs... Sept 9
Legal & General

Assurance... Sapt 18 interim 4.0
London MchnL

Securities... Sept 15
•Marchwiel ...Sept 1
Morales (J.) Sept 22
Mills and

Allen.-.Sept 23

Minet Oct 8

•Morgan

Crucible... Sept 2

NE1 Sept 22

Nuidin and

Peacock... Sept S
•Pearson (S.)...Sept B
•P » O ........Sept 8

•Phoenix

Assurance.. -Sept 1

•Prudantlel Sent 9

•Ransomcs Sima &

JeHeries...Sept 16

•RMC Sept 29

•Reckitt and

Calman-.-Sept 7

•RTZ .....Sept 15

Rowntree

Mackintosh-Sept 24

Ruberoid Oct 8

Rugby Portland

Cement—Oct 6 Interim 235
Scottish

Metro Prop.. .Oct 7

Sedgwick Sept 10

•Shell

Tran s port... Sept 9 Interim 8.6
Simon

Engineering... Sept 21
Standard and

Chand Bk-.-Sept 8

Steetlay Sept 17

•Suit AJIia nee . ..Sept 1
Travis and

Arnold. ..Sept 16

•Tri control Sept 2

•Tumor and

Newali.-Sept 2 interim due

•United

Biscuits.. -Sept 9 Interim 2.25
United

Newspapers... Sept 22

UDS Sept 17

Vickers ;Oct 1

•Weir Sept 8

•Willis Feber—Sept 14
•Wlmpoy

(George)-... Sept 30 Interim 0.85
• Board meeting intimated, t Rights
Issue since made, t Tax free, ff Scrip
issue since made, l Forecast.

Interim 2.7
lotarim 1.3

Final 2.0
Interim 225

Interim 4

Interim 13.8
Interim 4.0
Interim 19.5

Interim due
Interim 0.64

Interim 4.5
Interim 26
Interim 4.55
Interim 0.1
Interim 4.3

THE THING HALL
USM INDEX
137.5 (-0.1)

Close of business 27/S/S2
Tel: 01-638 1591
BASE DATE 10/11/80 100

LADBROKE INDEX

568*573 <-5j

U.S. $25,000,000

Bergen Bank A/S

Floating Rate Capital Notes Due1989

In accordance with the provisions or the Notes, notice is
hereby given that for the three month Interest Period from
31st August, 1982 to 30th November, 1982 the Notes will
carry an Interest Rate of 1 1 tV% per annum. The relevant
Interest Payment Date will be 30th November, 1982 and
the Coupon Amount per U.S. 51*000 will be U.S. S27 .96.

Credit Suisse First Boston limited
Agent Bank

U.S. $100,000,000

Manufacturers Hanover
Overseas Capital Corporation

Guaranteed Floating Rate Notes' Due 1 994

In accordance with the provisions of the Notes, notice
is hereby given that for the Interest Period from
31st August, 1582 to 30th November, 19,82-the Notes will
carryan Interest Rate of 10£% per annum. The relevant
Interest Payment Pate will be 30th November, 1982 and
the Coupon Amount per UJ5. 51,000 will be UJ5. £27*65,

Credit Suisse First Boston limited
. AgentBank

Citicorp Overseas Finance
Corporation N.V.

(Incorporated with' limited liability in the Netber/ands Antilles)
US$300,000,000

Guaranteed Floating Rate Notes due 1983
Unconditionally guaranteed by

CmCORPG

In accordance with the-terms and -conditions of the above-mentioned
Notes and the Agent Bank Agreement dated as of August 20, 1979,
between Citicorp Overseas Finance Corporation N.V. and Citibank.
N.A., notice is hereby given' that -the Rate of interest has been
fixed at 10i% per annum and that the interest payable on the
relevant Interest Payment Date, November 30, 1982, in respect of
U SSI 0.000 nominal of the Notes will be USS27I.74.

August 31, 1982

By: Citibank/N A.. London, Agent Bank

CIT1BAN<0

M. J. H. Nightingale & Co. Limited

27/28 Lovat Lane London EC3R 8EB

Telephone 01-621 1212

P/£

rosy*

Change Gross Yield Fully

Price on week div.(p) -% - Acroal taxed

4J2BS

Aoa^ Brit. In9. wd. ...

128

+ 1

6.4

5.0 11.8

14^4

Aw. Brit. Ind. CULS...

13S

.+ 1

10.0

12. —

—

4.052

70

. —

5.1

8.7 8.0

13.7

1,100

44

—

4.3

9.8 • 3.7

8P

14,236

Bardon Hill

233

+ 3

11.4

4.9 10.0

12-3

1.450

CCL 11 pc Conv. Prif....

116

+ 2

15.7

13.5 —

—

4.189

C mdico Group ......... —

2£>

—

26.4

10.0 ia7

12D

5.649

Deborah Safvicas

. 73

- 1

6.0

' 8.2 5-1

7.4

i.302

. Frank Horaall

135

—

7A

' 59 6.7

6.1

10J57

Frederick Pirirar

71

—

6.4

9.0- 3.6

6A

978

Georga Blair

53

—

—

Mi MV

—

3,980

Ind. Precijlon Caitinga

98

- 1

7.3

7.4 7.1

10.7

1832

lam Conv. Prof-

118

+ 1

1S.7

13.3 . —

Z884

Jeckion Group

114

+ 1

7,5

6.6 3-5

72

18.632

Jamo* Burroiigh

135

+ 3

9.6

7.1 ' 9-9

11.0

1.979

Robert Jankias

194

- 4

20.0

10.3 2.1

30.8

Scrutimra "A"

83

+ 2

5.7

BP 1 0A

13.0

-3.861

Tordny & Cartisj# ......

150

•u

11.4

7.6 6.7

11.6

3J15

Unilock Hardi(i 0 »

21

0-4Q

Z2 —

—

10.630

Waftar Alsxandar ......

84

—

6A

7.6 5.6

9.8

5,788

W. s. Tuna ............

248

- 1

145

5.8 63

13D

Prices now available on Preatsl page 48146.

Financial Times Tuesdays August Jil.. 1982 jJ;

EUROPEAN OPTIONS EXCHANGE

Series

NOV.
VoL ‘ Last

FeO.
Vos Last

Vob^LM*

GOLD C
GOLD C
GOLD C
GOLD P
GOLD P.
GOLD P
'GOLD P
GOLD P

66 B]

a a i-

: a. [

3.10 I
0.10 I

■ 1J.

87 J

18

SS

■«:

«6 ” ~ '

34

St -

86

SO*

4J10

-■ a

1234 NL 61 67-01

C F.llOi

C P.1 18.801

p F.llSj

105, HL 80 86-35
C F.B7.50’

C F.lOfi* 800 i 080
ill* NL 82 88-98
C F.lOO!

• C F1COBD

2 [ 4M f V - 1

j

j 6 j 7.10 | . - \ - jF.KKLW

“• ' ' AiNir

out

■ JUL

r

AW C
ABN C
ABN'P
ABN P
AKZ0 C
. AK20 C
AKZOC
AKZO C
AKZO P
AKZO P
AMRO C
AMRO C
» AMRO P
AMRO P
HEIN C
HEIN C
HEIN C -
HEIN P
HON P
HOOG C
IBM C
IBM C
KLM C
KLM C
KLM p
-NEDL C
NEDL C
NEDL P
NEDL P .
PETR C
PETR C
PHIL C
PHIL C
PHIL C
PHIL P
PHIL P

F^40!

£13!

•.FJow;

F.asot

F.25,

FJI7.50:

51

5

a

825

65

120

FJJ5I

5

FP7P0>

S

F.90!

—

r F.BO:

—

io

- F.BO

■ F.«S

-3

' F.70

—

F.65

5

• F.70;

11

F.X5;

110

S65]

S70i

F.90!

F:i Sl

RD C

m> c

RD C
RD P
RD P
RD P
UNIL, C
UNIL^C
UNIL C

UMIL P
UNIL P

P.BOI
F.lOO
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F.iia*
Fr.450O!
pr.GOOOj
F.2O50i
F.8S[
F.27.50;
F.23^0
FJ85!
FJBOJ
- F.W>!
F.lOO:

f.so:

F.90!

F.lOO]

F.140

F.150I

F.160I

F.L50'

F.lfiOi

6
1
25
40
66
19
10
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29.

210

10

10

21 -

0J2O

OJTO

0.10

0.80

2M

22

20^

- 1 ® 1 1.70

- - ta\ ALSO

8.70 . ! - ?! : ?

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Tjo-

LSO

s.oa

OM
■ Mat

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. . 1

4D0

S

LBO
3D0 ,
6.40 A^

17

4JO A
8.80-

. B
38
17

1.70

. ; ia

5.70

2.60

oja

0,10

15

5

'5

10

aid

210

16 i 7A

1.10

385

SO

w

10

10

37

54

875

-i

a

80

80

7S

77

9

10

20

23

70

21

l CM I
•i-7.NO 1

■ 16.60 |
;17J80 j
7.50

1^0

1JI0

6J30

70

72

10

9

5

10

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i 0.50
[ 1..30
J 7,50
! 2.50
i 0.80
: 3.00 .
! 7j4CB'

ii 6 J 0 a :

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12.60 I

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Mi

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- Jf.i&bo
4

TOTAL VOLUME IN. CONTRACTS 5^43

' A=Aaked B=Bld ... C=CaJI

P=Pot

BASE LENDING RATES

A3JJ-.Bank 11 %

Allied Irish Bank 11 %

Amro Bank • 10}%

Henry Ansbacher 11 %

Arbuthnot Latham ... 11 %
Associates Cap. Corp. 12 %

Banco de Bilbao 11 %

BCCI : 11 %

Bank Hapoalim BM ... 11 %
Bank of Ireland ........ ..alOJ%

Bank Leumi (UK) pic 11 %

Bank of Cyprus 11 %

Bank Street Sec. Ltd. 12 %

Bank of NAW. 11 %

Banque Beige Ltd. ... 11 %
Banque du Rhone ... 11

Barclays Bank 11 %

Beneficial Trust Ltd 12 %

Bremar Holdings Ltd. 12 %
Brit Bank of Mid. East 10}%

■ Brown Shipley 11 %

Canada Permit Trust ... 11*%
Castle Court Trnst Ltd. 11 %
Cavendish G'ty Tst Ltd. 12

Cayzer HA. .:...2 11

Cedar Holdings 11

I Charterhouse Japhet.. 11

. Choulartons 12

Citibank Savings JH

-Clydesdale Bank 11-

C. E. Coates 12 %

Comm. Bk. of N, East 11 %
Consolidated Credits... lli%

Co-operative Bank ’ll %

Corinthian Secs. 11 %

The Cyprus Popular Bk. 11 %

Duncan Lawrie 11 %

Eagil Trust

E.T. Trust 11

Exeter Trust Ltd. 12 _

First Nat Fin. Corp.... 14*%
First Nat. Secs. Ltd.... 14 %
Robert Fraser 12J%

Grindlays Bank

■ Guinness Mahon ....... 104

■ Hambros Bank ......... 11 %>

Hargrave Secs. Ltd.

Heritable & Gen. Trust 11

■ Hill Samuel .931 %■

a Hoare & Co -til %

Hongkong & Shanghai 1(H%

Kingsmnth Trust Ltd. 12 %

- ~ l . ... lli%

%

Rnowsley & Co. Ltd.

UoydG Bank .......aiO}%

Kallinhall Limited ... J0j%
Edward Manson & Co. 12 %

Midland Bank al«i%

f Samuel Montagu ...... 11 %

■ Morgan Grenfell alOJ%

National Westminster ioj%
Norwich General Trust 10}%

P. S. Refson & Co 11 %

Roxburghe Guarantee... 11}%

Slavenburg's Bank 11 %

Standard Chartered . . . I'lOJ %

Trade . Dev. Bank 11 %

Trustee Savings Bank *10$%

TCB ; 11 %

United Bank of Kuwait 11 %
Volkskas Inti. Ltd. ... 10 1%
Whiteawav Laidlaw ... 11*%
Williams & Giya’s ... 10i%
Wintrast Secs. Ltd. ... 11
Yorkshire Bank *10*%

| Member* of the Accepting Hdusm
C omminae.

7-dey deposits 8%. 1 month

S.25’4. Short-Mrm £8.000/12 months
10.6%.

7-day deoosiu an. sums of; under
no. 000 8%. £10,000 up TO £50.000
av;. £50.000 end over 9^%.

Call deposits £1.000 end over 7V%.
21-day da poms over £1,000 SH%-
Demand deposits 8%,

Mortgage base rate.

Effective from dos« of bueimse
on 31 August 1982. '

U.S. 9320,000,000

Empresas
La Moderna

S.A.deC.V.

(Incorporated in the United Mexican States)

FLOATING RATE NOTES DUE 1988

In accordance with the provisions of the Notes notice is hereby
given that for the interest period from August 31, 1982 to
February 28, 1983 the Notes will cany an interest rateof 12Wi«%
per annum. The interest payable on the relevant interest
payment date, February 28, 1983 against Coupon No. 3 wiU be
US$831.61.

The Chase Manhattan Bank NJV, London
Agent Bank

FINANCE FOR INDUSTRY TERM DEPOSITS.

JDflposns of {XOOfHgOfiOO accepted fiarfised temB of 3-20 years.
Interest paid gross, half-yeariy. Kates for deposits recenmlratlater dm
3/8/82

Terms (years) 3 4 8 6 7 8 9 10

INTEREST % 10* 10} 11 11} Ilf 11± 11} 11}

Deposiis to and further information from^ TBe Treasures; Riance fiar

Indi^plc, 91 VfeteiiooRd^ London SHI SXP(QI-928 73 22, Ei t3ff7).

QaequespayaMe to “BankcfEngfead, ak'J?BL"IHL
■■ ■ is the holding company for ICFC and FCL

Alahli Bank of Kuwait (K.S.C.)

U.S.$25,000,000

Floating Rate Notes due 1983

The interest rate for the six-month period from 36 August
1982 to 28 February 1983 (186 days) has been fixed at
Hi% P-a-

The amount of interest per bond of U.S.$1,000 nominal
amount is U.S-861-35, payable on 28 February 1983.

Westdeutsche Laudesbank Giroozentrale
Agent Bank

BASF Aktiengesellschaft

Copies of the interim report (first half-year 1982} ana.
available from

l

Kleinwort, Benson Limited,
20 Fenchurch Street
London EC3P 3DB

S. G. Warburg & Co. Ltd,
30 Gresham Street -
London EC2P2EB. '

BASF Aktiengesellschaft
D-6700 Ludwigshaten

BASF

77

*

. Snaxitijal /Tfiies Tuesday August 31 1982

SATES

I Invest. Trust
f of Guernsey
I improvement

Net revenue at the Investment
Crust of Guernsey advanced
:rom £239,000 to £318.000 for the
iret half o£ J982. hot -the' hoard
joes not expect that this rote of
□crease, will be mamtaiiied for
tie' 'second six 'months. Net
freveoue for t&ie whole of 1981
Stotalled £04.000.

The interim. dividend is being
■aised from an equivalent l.Sp
o 2.Xp gross per 50p share and
;harehoraers will also be given
he right to .elect to receive new
shares in lieu of the net cash
Uridend.

J Net. asset value per share at
«cme : 30, 1982, was 112p, as
tgainst H3p six months earlier.
She market value of- investments
came to £I3.7m <£14.28m) and
cash on short -term deposit
.□creased from £0.64m to £1.3m.

MORGAN

CRUCIBLE

At separate meetings of the
■holders of the 5J per cent irre-
fdeemable imseeirrred loan stock
End the 8A irredeemable uri-
fseetired : loan stock -of -Morgan
•Crucible, passed' extraordinary
{resolutions approving the terns
|of the repayment -of each of the
fotocks.

3 Accordingly, the proposals for
■the repayment of £61 per cent of
Sthe 5} per cent stock and £68 per
scent of the 6flr per cent stock
{have become unconditional.

} SUPRA GROUP
3 LAND PURCHASE

| Supra Group has purchased
Jfrojn Auchard Development 1.75
j acres of freehold land in

Mouth am, -near Leamington Spa.
.for £70,000. - -

The -land, on -which planning
! permission has been granted, is
i adjacent to an existing Supra
{freehold property occupied by a
! subsidiary. Supra Automotive.

I o' Tie consideration has been
{ gttisfied by the issue of 233,334
• tftiih&ry shares of -Supra at 30p
i ejkch and. credited to the vendor
f i# fully paid,
j T - - ' — ' ■ -

1 ? ‘ This

j c

i r - ••

it.

Exchange of RIT and Hume
debenture stocks approved

At meetings held yesterday
the holders of RIT debenture
stocks and of Home Investment
Trust Company debenture stocks
approved and sanctioned the pro-
posals for the - exchange of new
debenture stocks M RIT and
Northern for the eristmg deben-
ture slocks of RIT and of Hume.

DeaHngs io the nav*. debenture
: stocks of HIT and Northern
I issued hrtxdrange for iteted RIT
I debenture stocks add Hume
debenture stocks are expected to
commence on August 81 for
deferred settlement on Septem-
ber 2L

In. order to simplify, the
borrowing structure of the en-
larged group- and to- facilitate
transfer of assets by RIT to RIT
and Northern, Law Debenture
Corporation, trustee for the
holders of the J. Rothschild
Investment Holdings (JRI)

14.25 per cent Guaranteed bonds
due 1990, has, at the -request of
JRI. the guarantor (RIT) and
RIT and Norfeern,- . concurred in
a modification of the trust* deed

The modification involves: .

(a) Giving of a guarantee In i
respect of the bonds of RIT and
Northern, in adfHtion to, but
(immediately prior to any mem*
hers voluntary winding up of the
guarantor) in substitution for
the release of, the guarantee a
respect of the bonds given by the
guarantor;

(b) An increase m file anneal

rate of interest mi the bends of
1-4 per cent as from August 15,
1982: • .

(c) The introduction of a pro*
hrbitroc on the disposal (without
the consent of the trustee) of
assets by BIT and Northern and
its subsidiaries to any bolding
company of RIT and Northern.

Hanson Trust’s £1.8m sale

Continuing its policy of' con-
centrating resources on its- main
battery activities. Hanson Trust's
British Ever Ready division
announces the sale of its 84 per
cent interest in A/S Skaiand
Grafitverk, the Norwegian min-
ing subsidiary, and its Advanced
Projects Group (APG), at Abing-
don. Oxfordshire.

Skaiand, which is being -sold
to Arco Graphite Inc for £1.2m,
has borrowings of £1.4m and
incurred a loss of £87,000 for the

year ended February 198*2 on net
assets of £500,000.

The existing trading relation-
ship between British Ever Ready
and Skaiand for the purchase
and factoring of graphite are
being maintained, directors state.

A consortium comprising Insti-
tutional investors and senior
executives of APG have formed
a new company. Venture Tech-
nology, to purchase the assets of
APG for £585,000 and to take
over the lease of the premises.-

RESULTS AND ACCOUNTS IN BRIEF

PITMAN (publrstivr, pritvnr. collage
proprietor) — Result* for year to March
31 1382 already Known. Shareholders'
lurid* Cl 0.24m (£10.81 m): fixed easels
EB.ISm (t)D.S2m); net current assets
E4.88m (£2.83 in), including loans end
overdrafts £5.71 m (£4. 69m): medium
end long-term liabilltlea £4.69m-
(M.Mtn). including bank loans £3.51m.
I £2. 82m); increase in working cepilsl
£2.15m f£1.97m decrease). Compensa-
tion (or loss of office E7S.C00. Meeting:
Southampton Piece. WC. September TO.
noon.

OIL AND ASSOCIATED INVESTMENT

TRUST — Net asset value par a here at
June 3a 1982, 9 Bp (106p).

STONEHILL HOLDINGS (domestic
furniture maker)-— Reaufu for the 53
weeks lo April 4 1982 reported June
27- . Shareholder*' funds £4. 92m
(£5 .03m). Fixed assets £2, 67 m
(£2. 79m), Current assets £5 .32m
(£8,61 m), including bank balances and
short tens deposits £342.861 (El .33m).
Net current assets £2.25m (£2-24m).
Retiremsni benefits of £17.231 paid to
former director. Meeting: Churchill
HoieJ. W. September 23. 11 JO am.

Arlington
Motor stays
on same course

Management accounts showed
that trading results of Arlington
Motor Holdings were continuing
on the same course as indicated
in the recent chairman’s state-
ment, members were told at the
annual meeting.

Last month. Mr N. C. N. Hous*
den, the chairman, said- he was
encouraged by management ac-
counts that showed the group to
have been trading profitably this
year, with trading results well
ahead of those for the corresp-
- ponding period of 1981.

For the year ended March 3L
-1982 Arlington made a loss be-
fore tax Of £90,000 (£94,000
profit) on marginally higher
turnover of £55. 9m (££.7m). The .
group is principally engaged as a
motor dealer. -

NORWEST HOLST
HOLDINGS

Norwest Holst Holdings is 10
redeem • all oatstanding

preference shares on November
30 1982 at par, together wtb
the accrued dividend.

In addition to the half year,
dividend of 5.875p net payable
on September 30 1982 and to
the principal monies payable on
redemption, holders will thus
receive " o n redemption, the
I dividend accruing from October
1 through to November 30 1982
of 1.9637p net

RENWICKS BUYS
PHOENICIA TRAVEL
. Renwtcks Travel, a subsidiary
of the Ren wlcfc Group,' has
agreed to purchase, the capital
of Phoenicia Travel and its sub-
sidiary, Travellers Joy Travel
Service, which operate 10 travel
agencies in Avon and Somerset.

The consideration payable is
£410,000, Of which £310.000 is
payable on completion on Sep-
tember 30. 1982, and the balance-
on June 30, 1983.

The net tangible assets of
Phoenicia and Travellers Joy are-
valued at £50.000 and profits for
the year to September 30. 1981
were £13,700.

' - ! *•

l

- ! -

- t

This advertisement complies with the requirements of the Council of The Stock Exchange.

U.S. $50,000,000

Girozentrale und Bank
der osterreichischen Sparkassen
Aktiengesellschaft

(Incorporated in the Republic of Austria with limited liability)

15Vi% Subordinated Bonds Due 1989

Subordinated as to payment of principal and interest

The following have agreed to subscribe or procure subscribers for the Bonds:

Sceptre Resources
C$978,000 in loss

•RECEN7--IS5UES

EQUITIES

IN THE first half of 1982 Sceptre
Resources — whose operations
were combined with the Cana-
dian activities of Francana Oil
and Gas on May 14 1982— in-
creased revenue by 93 per cent
from CS4.14m to CS7.96ta. The
results reflect the combined
entities after acquisition.

Cash Sow from operations
declined approximately 7 per
cent to 82.62m (22 cents per
share) from $2J82m (23 cents per
share).

However, the operations pro-
duced losses of $978,000 com-
pared to earnlga of $9,000. After
deductions. for dividends paid on
outstanding convertible pre-
ferred shares, losses per share
emerged at 27 cents compared
with .12 cents.

Capital spending during the
period amounted to $21.1m.
Approximately 50 per cent of
this was made In the U.S., 28 per
cent in Abu Dhabi, UAE and 14
per cent in Canada.

During the six months, Sceptre
participated fa a total of 68 gross
wells — 49 in Canada, 17 in the
U.S. and two overseas— resulting
in 18 oil or potential oil. wells.
22 natural gas wells and 28 dry.
abandoned or suspended wells.

. Primarily, as .a result of the
Francana acquisition. Sceptre's
natural gas production for 3982
increased 130 per cent to 12.7m
cu ft a day and crude oil pro-
duction increased by more than
500 per cent to 790 barrels a day

On a pro forma, basi* with
Francana, Sceptre’s gross proven
and probable oil and gas
reserves are estimated by inde-
pendent engineering consultants
to be in excess of 22m barrels
of oil and approximately 30Sbn
cu ft of natural gas. .

For 1988, when Sceptre will
experience the full impact of the

Francana acquisition, production
rates, based on present reserves
ns projected in the independent
consultants* -reports are esti-
mated to be 3,000 barrels per'day
of oil and 44m cu ft per day of
natural gas.

Additionally, the company has
available reserve capacity to
significantly increase production
above those levels in tile event
of an improvement in demand
for Western Canadian crude oil
or an improvement in natural
gas export and domestic markets,
the company says.

It has announced the intention
to sell its investment in Can-
dec ca Resources, which has a
' current market value to Sceptre

of over S50m.

Current activity in Canada
includes an active programme of
drilling for oil in Alberta and
Saskatchewan. Sceptre is encour-
aged by recent measures intro- ,
duped by the Federal and both :
provincial governments. In addi-
tion the company is drilling a
variety of wells in natural gas-
prone regions where contracts
are available.

In the U.S., Sceptre reports
recent significant drilling success
in the WiDiston Basin, Wyoming
and in the Gulf Coast' region.
Sceptre is presently participat-
ing as to a 4 per cent working
interest,, in n significant Prairie
du Chien lest in Missaukee
county, Michigan.

The well, Patrick Gilde 1-25
is a direct offset to ihc Dart
Edwards 7-36 well which was
completed in the Prairie du
Chien in lSSX and tested at
123m cu ft a day. Results are
expected in September 1982.

internationally. Sceptre is par-
ticipating, as to a 5 per cent
interest, in a well on Block J/5
in the German sector of the
North Sea.

)a*)s|s|

lU i3 S v !

Hifltll tow.

= 0-4- W, » g g ' £ g j S£ j? ^
!§“ 1 - s

FJV — I 45 '38 'gi Anglo* Nordic Bp
1F.PJ — ■ 821*. 75 'Antofagasta HI0o*f£l
- 30/7 20 n 'Argyll Food* WaiT*ta.

F.P.' - 45

,F.p.- - i 24
■F.P.- - 1 8
F.P.i 7,-8 ! 78
;F,p. 10/B | 45
'F.P.; - l 31
;F,P.|2fi/ll;106

F.PJ . — 83

F.PJ24/9 58

F.P.17/9 182
P.P. 6/8 60
FJ\ SO/7 107
FJ». - 388

34 'Atlantis Rot. Int

24 Baradirt Holdings Sp
7 is; «BarlceiayH.H.InvlOp
44 I^Bio-leolatea lOp...
56 Coleman Milne 1(H);
29 !*Dalmar Group..

95 ^EcobrteNewOrdUl 1

83 57

58 48

182 159
60 48

197 ISO

fcP.OT/8 176 153
|F.P.|B4/9 179 tTO

F.P- -
FJ*. —
FJ». -
FJ». —

Jf.pJ -

35 20

38i« SO
13 11

44 37

86 SB

38 bOJIB 2.0 3.391.4

75 ' 7.0 ■ 3.6-13.3 2.3

19 ' - - . - -

38 ... - - - ' 1 -

53 . 0.65 1.3 4.024.7

71; .... — — . — —

88 -2

42 ---I ul.5 3.2 5.1' 6.8

29 ' ul.6B 2.4 8.3 7.2

96 —.. MMU 1.8:16.6 4.3

60 I ■ j — i -

54 jt. 4 .J u4.0- 1J)| 5.6]*£3

;bdi.6i 2.0: *.t 17.8

*5,75)2,7 4JM 1.8

+ 111 14.0 2A‘ 5.2 ».l
+8 U2.52 £3S.1US.6
+ ? F3.3 — —

:::! r |= r «

{50.761 5.3 1 2.Q VS

FIXED INTEREST STOCKS

Icaue § a M p el
prioo 05

£ la 35^'

High ; Low ;

35 : -

O Cl

~ I F.P.
99.528 I £20
1010 1 F.P.
100 ' £20
100 1 FJ*.
100 | F.P.
99^45! £25
100 ( FJ*.
MRill F.F,
1100 £10

: 60p ; 52pAntofagaeta 3.5% Pref.'Cli 55p ..

29S*- 211* 'Australia 13i-% Ln. 2010 2Bi» -i

100i* 95 'Crenite 14% Cnv. Uns. Ln.'92 100 —

21 < 20U Eleotrltite d» Franc* 12% Ln. 2008. 21 -

lOOSe 1 BB^.NationwWe 8dp.Soc.n; a % 1 15.8,83). 100*." -

.10Q,i.l00;k! Do. DO. lll«% i30j8j’B3i 100, i

34St 24i t :N«w Zealand 14U% 1987 33 -i

iDBig 100 Portsmouth Water 14% Red. Deb. ‘92..SD 7J? »
82 . 82 Smurfit (Jefferson) Prof. Units 2p..„ 82 _

l5i*‘ 131*. West Kent WaterBl4%Red.Pref.B7A9 15

“RIGHTS” OFFERS

luua

Latest
a' j Ranunc.

i 1982

a

ca

S^ a

+ or

P

<s • ■

i High _ low

28D

100

103

F.P. JB/8 SSIlt
F.P. . * — —

F.P. 1 6/8 17/9

247 j 224
140 120
122 117

UutomAtad'Seeurlty 10p— .

| ADorkoloy Explaratlan

245

125

121

•If

400

78

25

Nil l — —

FJ>. 1 2/8 17/9
F.P. 185/7 3/9

1107pm 1 , 88nro Eurotharm /nt lOp,

1 84 i 80 BoaJPflLSp

231*1 21 ^ank* A Cattail

203pm ,— 4

84 1 .

21 ......

78

F-P- - -

I 182 | 170

iPaetro/ E/actronics. .

ISO

-z

F. H. Tomkins

p.l.g .

FASTENER DISTRIBUTION
BUCKLE & FASTENER MANUFACTURERS

<•6 The greatly reduced operating base
has been a key factor in achieving some
measure of progress towards restoring
a more acceptable earnings level. •»

Desmond Porter, Chairman

Sb Bin ary of Rasnhs .

1981/82

£'000

, ILK. satis

10.875

Export and overseas sales

4.443

Total sales -

15,318

Profit before tax and Extraordinary hems

1,270

Profit after laxand mmorily interests

but before Extra- ordinary hems

sot

Extra-ordinary item -less tax

—

Transfer from reserves

—

Earnings per share

3.B56p

Dividends per share fcnctodr/ra tax credit/

7.928&P

Net assets per 5p share

2B.14Sp ■

'Credit Suisse First Boston limited

Morgan Stanley International

Copies of the Report and Accounts are available from the
Secretary, Bescot Crescent, Walsalf. West Midlands WS1 4NP.

Renunciation Onto usually last day lor dealing tree el stamp duly, b figures
based on prospectus ssdpiste. d Dividend rats paid or payable on part of
capital: cover based on dividend on full capital, g Assumed dividend and ylald.
t Indicated dividend; cover relates to previous dividend, P/E ratio based on latest
annual «antings. u Forecast dividend: cover based on previous year’s aarninos-
F Dividend and yield based on prospectus or other official estimates for 1982.
Q Grom. T Figures assumed. * Figaros or report awNtsd, * Cover allows for
conversion of shares not now ranking lor dividend or ranking only lor restricted
dividends. § Placing Price, p Pence unless otherwise indicated. 9 Issued by
tender. {J Offered to holders of ordinary shares as a ‘'rights." ■••Issued by way of
capita lia anon. §§ Reintroduced. Issued Ip connection with reorgenieancn,
merger or take-ouer. ;|[| introduction. Q Issued to fotmer preference holders.
■ Allotment letters (or luliy-paid). • Proviaionul or partly-paid allotment letters.
* With warrants. tt Dealings under special Rule. •& Unlisted Securitas
Market. *4 London Listing, f Effective issue price after scrip, t Formerly
dealt in under Rule 163(2) (■}. ft Unit comprising five ordinary end Ihrae
Cep. shares. A Issued free as an entitlement to ordinery holders.

NatWest

mw Registrars Department

National Westminster Bank PLC has been

appointed Registrar of

A&G SECURITY
ELECTRONICS pic

AH documents forfegistration and

correspondence should in future be sent to:

National Westminster Bank PLC
Registrar's Department
PO Box No 82
37 Broad Street
Bristol BS997NH

Telephone Bristol (STD Code 0272)

Register enquiries 290711
Other matters 297144

d£P 0$ j

Algemene Bank Nederland N.V.
Citicorp International Bank Limited
Deutsche Bank AktiengeseUschaft

County Bank limited

Chase Manhattan Limited
Credit Lyonnais

Kuwait Foreign Trading Contracting & Investment

Co.(S-A.I£.)

Orion Royal Bank Limited

. Swiss Bank Corporation International

' . _ . CmiletL . .

Kredietbank S.A. Lnxembonrgeoise
Merrill Lynch International & Co.
Salomon Brothers International
Westdentscfae Landesbank Girozentrale

The issue price of the Bonds is 100 per cent. The Bonds have been admitted to the Official list by the Council of The
Stock Exchange,’ subject only to the issue of the temporary Global Bond.

Interest is payable jn arrears on 1st September, the first payment being made on 1st September, 1983.

. Hull particulars of the Borrower and the Bonds are available in the Exlei Statistical Service and may be obtained
during usual business hours up to and including' 14th September, 1 982 from the brokers to the issue

Cazenove & Co.,
12 TokenhouseYsrd,
London EC2R7AN

Bockmaster & Moore,
The Stock Exchange,
London EC2P2JT

3Isl August, 1982

This advertisement complies with the requirements of the Council of The Stock Exchange of the United Kingdom and

the Republic of Ireland.

Credit National

(a French corporation created 20th November, J9J9foraterm expiring 20ih November, 20)3 )

. • Issue of up to - - - -

£37,500,000 13^2 per cent Notes 1989

y<X-'

rwMT

announces that with
effect from close of
business on the
: 31st August, 1982

BaseRafe TorLeriding
isreduced from
11% to 101%

: ‘ per annum

unconditionally guaranteed, as to payment of prindpal, premium (if any) and interest, by

Base Rate

With effect from the close of
business on August Blsf, 1982
Hitt Samuel's Base Rate for lending
will be reduced front 11 per cent to
10§ per cent per annum, = .

Interest payable on the Bank's
Demand Deposit Accounts will be at
the rate ot per cent per annum.

Hill Samuel & Co. Limited

100 Wood Sheet, London EC2P 2AJ.
Telephone: 01-628 SOIL

The Republicof France

Interest payable semi-annually on 5th May and 5th November

Harobros Bank Limited

Samuel Montagu & Co. lomited

In accordance trith the requirements of The Stock Exchange in London, up to £1,500,000 nominal of Notes will be
available to the market on Tuesday 3 1st August, 1982. The issue price will be determined and an aimotmcemenc
made latertoday. The Notes will be payable in full on acceptance.

Itis proposed to place up to £16,500,000 nominal of the Notes and application has been made to the Council of The
Stock Exchange for the amount of Notes placed to be admitted to the Official L5f.*Applicatibri will be made for
admission of further Notes to be admitted to the Official List as and when conversion (further details of which are
set out m the available particulars) occurs.

Particulars of Credit National and the Notes are available in Ertel Statistical ' Services Limited. Until 15th
.September,- 19S2, particulars may. be obtained during usual business hours on any weekday (public holidays
excepted) from the Brokers to the issue:

W. Greenwetl & Co.,
Bow Beils House,
Bread Street,

London EC4M.9EL

31st August, 2982

Rowe & Pitman,
City Gate House,
39-45 Finsbury Square,
London EC2A UA

I

'•Financial. Times iieSday August

SERVICE

FOOD, GROCERtESr— Co

MU I •

m. \ ; a

•| m> lV(.Ct.in?|

LOAN S — Continued

BANKS &. H.P.— ConL

CHEMICALS, PLASTICS — ConL I ELECTRICALS— Continued.

L | d | taL | M.

Srito;Ji I
raid I

Ui! On I Ira |
a kit fn firt w

SS IrwISslw

Apt teJlM Trade SfaaJ g 9*US ■' * ^
H«. - iw MerTfc’rfWJlQP 1§8_ M

- - J KW. , 4 ? 8 HH-

Financial

au ajDFni4oc'B3._... ."J3 3 !

31M aOSmiUkFoByjcCtj 33-2_ 10fli>ci

: ilU SCN Do. bUscDt 2I-W 9lL

1 LUa ID Co. iOijc tins Li 'o 6 JJCa!

i lLta 2LI Do. Hoc Um.ln. '83 2RW

JLla ID Da UnaLn . "% 1CU

.581 1139 n«.

** ^0 i'|| 10.15 -184- J f« JufyjCrato Bros 84 Hill 13

J.:, • fi S.W. Sil -57 Zljfcl Q23c 2.0 10.4 33 Jar. July Do *A’ hy 82 ZU1 33

MAnt SMiin 333 3Q.4I2JO 4^7.3 3.1 £pL C^SuSs? 17 304 11

^ 332*9 3j.il *200 3j] 05 5.0 Jan. June C roda It*. 1 Op.. 34 17J 67.0

Jdv|ir?>i 5hfc!M£l u] 2141 7 0 — j 4 J — _ c«da lm_ Oefd. 45 — —

JirLaiSrAlkfl£l.. 350 7 3 23 8 — j 97 — J April DiMr-Strand 5s . 14 374 _

N 3 y 1 c- 5 M¥'Jio K ; 6 b . 79 291 4.93 IS! 09(90} Frt. Ott EDtsAEwrarTl. 156 ZS 65

JuIyjCoalK Bros I 84

Jtrfvj Do.‘A’NV [ 82

J4Mr. 1 « Do.l2'ssUn.La.:9

1150 to

10 70 jsb.

1L50 Hot.

~ I « I ho [ “ I E IftilKlK fc H 9 i

^st&ssau jti ia^jaspu a; 1- 4 m «l.

AST. fetWfem.SfJM2&. 3SM Hi 03 U 95 H2 ££ n 77rf £

December Whtt«rtiEL5d 343 . M.1 152 81 15 9.8- ft * -M ggflgtfgg-] 44 m

fl 0etWWeraleF*lifcl2» } 15J 454 ft 25 * BM**®*"- w 7

*• A^>W»U(W_| 1 « I its - - r|_ g. . j"> Kfa *; iS . a

30J 31D Da 7>«5eACrt. 'S7-92

i 31 M 30S fc. 7 UpcA0m.

51M 305 Do.93c-A ,, 41-o-V.

31A 26 F| Do. 6‘sflcU. * c 2-97

UJO itey 8 e. r/ivTOii’ntab S3 3M 16
»230 Ma-,- |„ 7 rr=»r 3 ;.llQ £60 I 451 —

BRITISH FUNDS

15 E.9J(90) Frt. Ott ERis* Everard. 156 ZS 63

— 6.4 — Mav No*. Halstead (J.)lPa 76 1WJZ05

— — I— Aua Feb. Htan.WeltJiSCp. 248 19.71 7 J

— 100 — Dec. May HoKto DM5 _ Z58 7^iCZL9l

— - - June Dec. £131 7d 0106

— 6 J|- Apr. No.. Imp. Chero. £U 278* 16P19J>

5 2 i-3p4.« F* 6 . Ana Do. 5%Pf. a. 45 2La 33

. 74 3»

17 i W .

*4

Apr. Oct |AI IncL Profc._

ju« — 4?-- *!. M - - « Frt! «pgJlm.ftrim

- *r*. 7?<3 . 1*4 - - — - - Jul> NovlLmorte In

Oct Jm
October

SOp I 282 19.4 9A

cf 7 ijp | 71 2 JUS —

Buildin? Societies J"« c-c.lEen-sri 535 L’il is 75 1 - 1 6 . 7 } _ [ jS,'

:: Mar. 2951^*15^ 29 9 a I 1W | ^lSJTf 3;39 ‘ VKfe ^ Jjjft L 5 ' " ' 7 ‘" “ 1

19 Apr. 27 0 Da. lb'nPcS.lC.JS. .1 3G0 i 2 2U 14 1 . 22 -2 !«-. j-?!

uuLm ihuCunn t lBIU, l4dl5 5C 1234 ™- 1-5* 164 413

July Nov. Lajwrtelnds.50p| 360 1 30.4] 7.0

July Lrigh IntsSo.... 76 7.115.63

H|*W - 7-9- - "fcrifllRHTlDB 18 261*10

- Non lira. A/S ‘3‘ 037 - rfU5%

164 4 13 2.9 3.811.1 Frt. July FMyau 10p 12> 2L6 23

2 !?? < j2 - *J- *» Sent Ransom Wn. 10p 2S0 2f 63

*■■^1 - o.M — Way Not. RentokH 10p .... 180 153 «£5

2*4 e.0 - 7 J — Apr. NOT. Sctt.An.lmLa. 188 15J 14.75

&5 t ¥5 c - ,5-a - F»- Nor. Stewart Ptotita- 151 152 fML94

« iflSc “ - “47 OaUtt^BarinlCp. 11 ».< 0.9

if 1 ?? 5 “ 7 A~ Not. May Wolstnbohnr- 135 15.4 625

HSIOO Z I aZ ^ Ott. Yorks Owns— 43 19-4 05 .

iwIw 8 is slill DRAPERY AND STORES

,vl J.I T, n fSTy |9AwJc-cilrol4J 37 10114

W "i® -1^ 0 u.fl 30 Mr Feb.Anetooei&i-.. ZU 2 155 - -|-

llf S,'i?Z|:f253- **■ Oa Amtm- OaySb 15 751 B».9 -J

« « »i «37» ^ Jot Acuascutum 5p. 35 19.4 Z05 14 8

\ l nVs, ti O 3 H ■“». June Do. 'A' 5p 29 19.4 ZOS l|lD

ZS 022c 3.1 9.013.4 _ Mm— rsfc m 47 0 23 *

“Shorts” (Lives up to Five Years)

SJirt SJ^JExcft. 8 -'<pc 1S83 991, U 6.79 10.00

21Aug 20F Each. 3pc 1983 97i„ 3 09 907

17S 17Mai Treasury 12pcKa3tt- 10U-* 11*1188 9.48

l&la lSJul Treasury 9*«pc *83— 95** lit 909

22May ZZN Each. iSljjic TO 3C3Sj 15.4 13 03 18.17

Prrct | last J 7*U ]9 Apr. 27 D Da. lb'flPCJv.-O.S?. . ii H-yt AmU&nrsm 155* 160 413

£ | * I lot 1 fetf. ttUPfl*". a-JKieff. LC- £ r Not. i5i=^«Ji Peat'" M a$td

:o Five Years) - dS'tIw 7 7 2 J 3 3 ‘ ^isll iiS °* c - JaWMWsanmii.Z" iki 21 M e.o

SNI-WS-SI” - fcSSwAP" “SI MH2S «« 1Z 1 - m

12Jun 120 Exeh. lOpc 1093- ICO 65 1000 9.94

15Ju< Z5Ja Funitnp 5>2pc *82-64** 95'* at 577 921

20AP9 20F Each, ll’cpc 1984.... 10U« 14.7 11.06 9 90

ZZN 22May Exchequer Mpe. 1984.. ICC", 13.4 13 J5 10.84

19D 19Ji*i ExiJl 3pc 196* 1 91': BJ 3JH S.25

26 Mar 2fc3 Treasury 12pc 1W„ 232'vo 3)6 1166 1052

2ZAub 22F Treasury 15pc 1965.. 1086. 777 13 75 3085

22S 2ZMar Exch.lZpcCn*. TO.. lO^jd 15.4 11.47 9.72

2IN aMy Treasury 3pc 1985.... S?t 3 2-‘4 3 43 8 21

15Jan lSJul Treav^y lUjc 1°85- 1C2 ?.j 2U7 3056

z ssssa?-: TSK qfifi ffl « «

- Dn. 14i*pc 25.483 ... 102. | - jl4.4i| 1L51 S \r®?S

FOREIGN BONDS & RAILS

interest J I Pnee I Ui: | N | 5(fl.

Cue | SEflti I i I a j test | VxB
— ICInrtett 4i-oe 1848 1 12 I — j — | —

Sept iMfwSeo.. 229 f.J 77

I Asr Ij.-riland £:.._... 352=1 JtJ 24.0

f C« Juno fa 7-,'d8?-°3 £71 7.6 Q7ij*

i jtne Deaj UsW’jSW* C91U 175 CUV

. JJ*|M Kter Asset... 77 5 7 43

Dec. tow AO me 038

Dec Da 1 A 1 27 HIT 038

No*. AtJwestGroup- Z70 . 30.4 . 75

dls... -. .a ^ bssb! li i

GLOB -J N« . Apr Tate 8rL^UL ISO m U£ *

■** « « a & s a 3A

038 — 0.9 — Apr.".' Jfcijumgate — --- gM M.8 li5 j 3 ,

038 — 21 — Jan. Jure MrJtsd Biseuib. S-5 l ? i

it 4* l i an Am- MxrjWatmi PU d. iOr 55 19J} " f *'

ENGINEERING' . Z+T ESSWZ: »zj ^ • -J

machine tools'. „ ■: AS I Is ii?-

p

Oct Apr.iMpnW.6--

3J1 i Z fi
63 i ? !

Feb. Aug.Andsn.S'dyde- M3 17 6.0

222 Ott. May As!) & Lacy 345 114 14 .0

K 9 Jn. July AssAitishUlap. 98^ 8J5 035.

a| Feb. -SepL Assoc Tooting- 65 2J 4.06

5 t OcL Apr. Astra Iran. Up 81* 2 i 053
lay May Nov ton 10 UK B-

t 7 No*, msy Baocacfc ma — m . H.4 7.u
_ April Ba0ey(C.H3- 6 S« —
Feb- Axg. B*er Perk-50pL MO- 5J 5J.

STORES Sr. * tsitt: i S y

IfdijimoiW) «S SdSlii

=7 1 1 -I Mar CmI RiMiarSotrad 79 Jl It

6.0 2.4 6.0 83 -

14.0- 23 53 «*•■•.•

035. 0. 26 i i

^4.06. I S3 -

053 U B5 {MS ^

«T * 319 J'

,j.o i 3 &j m ;

. 53 U 73 CM) *C, ~

HOTELS AND CATERERS

Z War.
nra i Ja»-

nfort lotlOp. IVaM
VbeHote& lw-
Icart5p— 31*

51 M|7Jtt9 ^LnStortrlftilS ! W - 13iaa5lMJ

ai 0.1 lii . '“j. S’ BJ « -

K ii 3jl & .£ SKS: .* S «» SI

* - £ = sr » « 4 jk »

St f ! f

S_. * 7J * * Apr. Tfct Trostoe Forte. 121rf ^ ^ 15

m " 9S I . Jan. Aug Wheeler's lOpJ] 315 2^588 2J

5,71175 t
lift 06 .{

S3 oo f

29 19.4 205 14 10.iaa.7> ■

16 0142.8 2J 3lm.4 “v L •

117 21tU5 63 20163

22 175 1 ? linmS "*>

74 7.4 H238 29 43&3 ^ “

36 304 L5 20 60103 •{**■ Oaf

Tflf — _ _ I — J»- NwJBi

iBrmld (katcast 22 I 23 15
Bnrn^un. Mnt.i 162 J 39J1105

120 12Jun Trraiurr 12pc "84

lOJa JDJuJ Treawn- 81 j>c "8456^ . 95 3t S.SS} 9 75 j jr inl'oTie 28 IS' As.

14Ji 14Jn rre«.12i*pc-86Cnv.. 15*5j - 114*1 38.32 ?A 1W toSSSw

29Apr 290a Encb. 14pT [086 123 - 1273 19.92 1A y

22Jirt Z2ten Each. 13>P)C 1987.... 103 15 S 11071 10.89 ■».. n M htn^-uSuS''

t— b ini— n7«.ir~ » tun. in c-l inu 12*?^ J-'” ™.' t **ii*±; ■

IN Greet 7pc Ak 43 | 45 3*j 82u

lAl Do. tpc 20 ai Az. *il ’J 5 759

lOf Dt)-Z(K Mned tss. 35 I L-t Z 507

iMimg.’SAAsi. 27rfj 15 2> 4 f202«

— Exdi lQ'«c "87 (£4Cpd). .
IN lMnv Fumlincb'zpe •8587ft
14JtL WJulfTreasury 3pc 1987 |

40-3 1 - 12054) 10.60
8? tef 7 JO I 9.«6
02 W - I 3.67 755

Five to Fifteen Years

30J 310 lee land 6'^c ?3«8

3U 3 LI CB M<«cLn 70!n.

lOJa 1CJ I retard 7'jpc "5!-i3

161 IS Dc. 9'*flc

Not. Bentaiislftj J 36

SepL BonJrEanK05p. 4*2

January Bolton TncLSp 13 SJU 05
n. July) Banner 41 73 43

mu Pallet 10
k&0edm5Q S

27 n

8U 7.
23 19

», 22J

me.

Srtttto^Sa.j iSrij ai ♦ j 9M *>

BroWQaaoIBki- 1U 24.51 — — — —
kUtaMi$ 42n ^205 — 03 —
BrtW Norttow. 27 59§ «— — — —

Brit- Steam 20p 309 Sj| 55. 18 7 2 9.4

BnxttaK— 24 111) U — 6.0 —

BrenfsCastlQp- 46 &7I22S. P 7.0 #

05 - 54 -

m i j*! - 3 // - — — - — erf o — i . — — j — d-ilBnu Hoik Sin.. 159 175 4.75 ui u*m *

27rf 15 2t 1202® . jLr - r ^:;„?w S ^ 50 Wn z Frt - ^ Brown (N)20p. 140 211 6,0 23 6.1103 „ ■

97uc 10 ] ^ i:. 9 ? Ac:. Gc-J/Am-osai -I 2£7ffl 15.sj 335 - 30| _ ^ DeJcSSusjS 20 3M 175 13 125 f|4} {*•

ui ^ . not. S^f5Tl2^ ^ 304 315 BA1* *

la *4 S3 fc i£K;^ a* 3 ip5s, i*| sf« ar®'S 2 .- Sa h « » a*

w» I »i 's* |te «q«SKa 8 s =^io 3 — - r fe BtM * m ugs jjU. a

|*i.^-Ci?3Sa MS' ^fesSS382Ste 8 SSP *

CANS A?, ‘ b“ |V.-agcn .-rwncs 43 13 2 Ji 08| 7.8[242 NSjEa™«s,Gold 156^ 241 , 175 215 18 12J 53 95"

V -> r £ jsl a “«« s

i9 u 137 ** -j:? BtiERS, WINES AND SPIRITS oajRrtfw^nS. S ujtois qIPmElS

2i 4 • SI 30 — 6.6 _ , ,, ...... . . ,, ,qit*nar. Frt - 4^94 Form insterlOp 122M 165 4.62 & 5.4 4>

12 'j 4 ' 2 T: —l oo - ? F- u * i— 1 •i-'i;v.wcw.__ i.el 5.5 191 631 Dili jaa JuWFoster Bros 60 7 6 335 15 80 105 **•

14:, 255 lie — 1 17 r «- Set'.iuniLL.-y^-Cp. B2A H an June De^Froemans 118 19.4 415 25 50 93 £“•

2 = 7 , si S220 —I 1 '0 aJi. - 255 ZU 25) 5. a 8.8 ftp,. OaJfielferfAJ.iajp. 54 13 41 * 114 * F® 0 -

23-i 77 52: — 20 ^ 7^3 T di Fa J * w **JGoWbe» 9 A_f_ 67 75 505 IQ 112 13.7 ■{“•

-f.:. 1?1 «nn _ ina D« -V* 1 :.*-' A^Sur.Cfc 209 *4.i2 1 4.6) 8.4 (GoMinan Sr. 5n 72 17M in _ 119 _

475 25 a May OcL BriLA^mia

6.0 23 6.|l03 .

- a™ ft

0.01 Z Z Feb. Not. Broadcast:

ID) Japan 4pc '10 Ass ) 2 42 1113

irJ n. -g-. 30 1 fcdiv:l

3 May 3NrTreai. 12pc 1987 ( 106'* I 79 ii 1157 1 1304 30J 31« Da. 6pc -e:^38 ..

3 May Treao 12ne 1987 ’A" . 1C*^ -

ajul 26Ja Treasury 7 ’«pc- 8 STO*t. 93'* lit

Da Uul Transport 3pc "78^8 75 25 i

22Aua Z2FTr*asiBy Uhpcl 909 ... 99 ?*k! IjTj

15 Ap 150ei Treasury 5pc TXhOT.. 78 J* 93

15Jul. 15Ja. Treasury 33pc 1940 ^;.. 1JC 8 bj

22Sept 22Ua> Each. 12'jpc 19*0 182'did 1LJ

15D 15Jun Treasury PapcW-OOtt. £?'< 105.

lDJul lOJa Treasury 117*ac 1991.. IMG jt
50 cl 5An. Fundtn95'^e'87.91f4 75’* 131

25Ap. 250 cl Exdt. line 1991 -?9i- 19 j

ZZJul. 22fe Treasury 12 l*pc , 92it.. 2&>i 15 J

ZlAua 2JFb Treasury lDpr 1992 “2'-al 15.7,

25 Fb. 25Aua Each. 12 ' 4 tie *>2 2C2-’, 15

22 Mar. 22S Eicheflaer IJijpc '92 . IST'jiS Hi

1 V- - 11164 1129 LA
93'* atJ 8.471 935 1 505

9si|31i:| 6 10.35

Hire Purcnase, etc.

L75 U 125^41
S3 U 63 P3)

3.15 01 130 - -Jf-
MJJ 27 42 {MU ^■

AMERICANS

14Ja 14JulJTrrasury 12lsr 105', 7 5

15 Mar. 15S)Furdlngbpc 19954* . T OoJ ’4
23Kay 23NfTnaajr» ’3'*pc 1 99-fc, 113 •* 3t-
1S 1 Marjtreaserv 215 ! &id Ib.7

270 27Aol Exchequer Uljpc 1<*9A 113 3.5
22F 22 AudExch.l 2 i 3 >cl 994 .... 103>'(d id. 7
J7May 17NlTreasury 9pc •*»** _. 37 'JJ|

25Jul 25Ja{Treasurv Uac "95. ... 221"; n irf

IN IMxyjGas 5pc *90> ,< >5 54 25.**.

2Ua 21Ju/lExdi. 30**pc 19fi ... I *21’ 14 6

F.MvAgN [Aafcoit Labs.ll 19'.

U r MyJtyJI . 'Atcca IS 2i

Vaju.Se.De lAmaxSl ...._ I 121

H|.M» Jui.NtJ fcndalrl I 14*

t MAS. Amer E*areuS0io0 257

F.My.Au H. tom tMolM SI. 13-

MAAI.F. Amer Nat. Res SI. 16 -

— American T dT. Co. 32V

JAJO. Ban*. Amenta C4n». 10

A. J 0. Ja. Barken N.V S10 l*’.

D MrJu.SP. BendixCorp. S5 .. 29 1

>J Je.S.D. B?‘Ji Steel SS .... 19*

Ja.AnJy.O. 8rown‘dFer d5?i. 15>,

F.Myj&u.NJSnmwc* £orpn.||. 13'.

J.AoJvO C.P.C.Sl; I**

F.MyJtu.N. Caterpillar!) 221

FMyAuN. Chase M'htn 5125 . Cl

Mrjc.S.D. CbesebmughSl- 20\

Mr Jn.S.D. Chrysler $6U. 474p

__ My.Au.N.F. CilicorpS4 lft

22JlI S^T'reaa^ u£jx' ^"J ill’*) 15 3 12 Oil 1L7* “v-^N-; Citylnu.SLffi UJ;

21Auq 21F|Excheqirer 10>jpc 1997| 94**al | 15 7| 1117 1 1131 $ ■CjP'JBH. MJi

Over Fifteen Years MaJu.se.be coit in*, si... .1.

van jssstqs&ef*! ^imiik-im wvwai&s?: «£

27Ap 270dExch. !5pc iW-... S2 AoJy.OJa. Crown Zell. 55 .... 101

IN lfclayfrrttSury6'4K'5^8Sr.| TZUI 25_J. 954 1 19.74 _ Damson Oil tlSJO^ 4C5o

s.ma=\WT\

t tsf>

P&'tI

INDUSTRIALS (MisceL)

SeotJAAA Inds. 1 38 lZU2j*ag7\ -J 4

Not May Bronx Eng. lOp I7i 2 29J LM -(83 — Feb. - Send AAA Inds. 38 23.E 40-07 —451 —

Mar. Jtty Brooke TcmjI HP. 6 W *0.75 - .J — SS-. Oa *am 88 IK 50 • 06

Jam. Oct BrtttetrM P.5Q). 50d 163 10 - 85 - ACAABKSO- £20to 58 «©W* 13 313200

Apr- Aog Brown &Tswse 69 k 163 h33 2H 71 6.9 Jn. OcL ACS BaseadLHta 272 21 6 jf ♦ 33 ♦

Apr. Sml Brown CJota)_ 35M .163 405 .13173 (42) • - AlMMp-ZZ 106 - bd5.75 1 ? 4^155

Jan Ao? iSiurliXafLlOsj 9’,
Apr. Cr-lV.-agcn F -nance | 43

W ,« 16 l * ** July etoTIS^lOpr

37 22 6 9 75 Sept. Mar. Bt>Bou^>20p— 218 23 *1075

4 95 23 35 Ml “ay Dec. Burges Prod.- 53 144 3 3

oP 5 £ at a Feb. Ao» Butterfield Hyy. 151*1 163 Ol

07 i* ill mu »«. July Camford Ena ~ HI -

1«, 255! 49c I — I Li reQ
2=7, S.1JS220I- 50 £

33-i 77 52: - 20 **

It ', 225 S3 M - 10 3 Ok

1075 22 7.1 83 on /or.
35 J 13 9.4 19 S. .ffi
Oi — I 9-9 — Jan. ' Jom

40 ItflM 48 OcS Br

4J> I 19) 9.9

Geifer(4J.)20p.| 54 13 40

SokfljergA 67 76 505

6oottnan8r.5p.J 32 1210 10

5.4 4> •*»;

8.0106 *«•
5J) 90 £*•

ISMay 15N[Trfas»7 12Lpc *95ti .. 105- a 9 a

SLIul. 221a.rrr«tv ‘idee 1241.) 15 K

ZSJul. 22Ja.{Treas. i4pc ■<*_ I 21Vg 15 V

15S 15MmtTrea5ury9pc’ , l2n6** . E4'sa! M
3N 374ay(Treasury 15 '<pc ■%!*.. 12a: ; ^31

15N 15MayE»d**erl3t*pc-%tt 1137, ^

lAp lOctlRedeniplion 3pc l‘*b-% 51x9 22 3

22Jul 22J»Treaary 13i*pc _ 1UJ 4 15 1)
21Auq 21F(Exdieqiier lOijpc 1997| 94>*a) 15 7| 13

41 A lid t reo. aept. um w. anei. a* u.

fo 45 iIh & ^c^SSTz ^ \

30 5l iSltfc 175 Cummins 7B794 £58 2L

05 ZT II _ Jan. Sept Dmdc Sowertcn. 32 19,

3.6 14 33 30.6 0=*- Apr- DrS0 MeL'AIQp _53 _ 29.

p>20p— 218 28 71075) 22 7.d 801 OCL Apr. tnaBralGp- 3M 16J 10

if^d— 53 1 M 35 J S3 9.3l9| s.- .SJSbSmZZ 3M 16J 0225

MM Huy. 151^ 16J 00 -1 0.3 - “' ■ j£ SSSsenfeMP. « 911 33
..riEna— 63 — I — [_ — ) — I -October Am & General 280=1 26J 35

ygSSlOp. 39 ZU 40 UBMUU OaJuw Am Needles- g 1ZK B-

lEns. 56 192 .3.9 1 30100035)1 w. Dec SJcwk HL ta. 5o. 58 71 505

g i5; -40 H jra 3a 3« as 20

gslfti — 32 Jt 2 tQ. [ LSjlOtt 751 ton. - SenL toaber lush. lDp. 33 Zu =0

wfc*®!. 50 76 29 l tpSoCe™^ 195 ZLt

9 5p — ^9 211 148 Sfil LUUSl jan. - a* AitmonCAjlft*. 15 all *10

r £rCT S ¥F; ri I “|,tJ 19 Moroaber ArswarTiwt 10p 34 261£ 0J3

JS 7"*! '0PK Oa AaWerlnd.TsL 40 19J B5

:A}2Qi.. 210 21i 7£3 | 3 faJ 5.4) 56) - Assoc Heat Seirtos- 289 - N9.0

Wcl*. «. 7i t33tj i3ll3[70J fth. Jri) ^Sprayers lOp 23 7i 105

aef0fc 32 1W05).*JW* OdJune Astfyfclt^ZOr. 35 30A 5.Q

10 06 5J (Ui)

E25» p 14.4 *
33 09 10 J 101
35 p U P

H OcL h
7-5 ton Sc
-40 : - ton.
M2 Jan . A

76(505 091129

SS 20 9.61 00

W(A)2ftj.. 210
ceatriclOp. 41
tWSW0Oj 32

J w’t c3 ah gc Jun* iGorjcn (L ) IGp.. 21iS ^?IJ ♦—

M3L Ifi 0*7^ _ JO AUC -« Gr-.iJllV-l'ltfff, 119 7^ t5.-M

47fa 1 Ait;. Frt.l3ri«neKlns-.. 354 1?.7 7.1

151 . “i h Si 72 _ 6 7 4^4 c *o IGuinrrtS 90 *LlJ 4.9

12>. ?J 1 $iir. g'o Jan. jvilyj'Hicnj'd DntZQp. ICO 19.2 26

19i« still 5 ? (/> «i 3t*. «u3 Inveroeron — . 174 19. J ) fl .O

Mi. 2171S10O - oa Aug. F*D IrWiOteillen.. .66 76lUHSW

— — — May No*. HertncaesAlOp. 22“ 30.0 15

?■? Jm - JuneHroworttiUOlDp 9b 9l33.79

|0 2-6159 rfv (ta. Hollas 6rp5p.» 3Sd l&S 3.0

2- * 7.8 86 june No». Home Charm ltto 187 19.4) d3,D

23 3.7 fU2j Dec. July House ol Fraser 150 X.M 7.0

3.6 3J 120 Dec June House of Lerose.. 104 295 6.6

3- 2 1-5 JA Apr- Aug. (JsneifEmesi) life- 78 43.9

2 i ? f Din c— . a c — m um

— 22 — **■
14 3i»0 »-
- 179 - **-

20 30 219 &
27 140 - E*
0916.9 9.4

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iJflGS ft
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05 ; .* 6 .C P OcLJune

(05 60 13.4 — .1

4 8.7 * -Apr. Notj

sM 07107180 ^

(EPS Mm ft- -fi

1.97 50 50 30 • - •

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96 -120

B— 1 - - -

ltdXzlIim &7S7

DavyCorp. 30M 111 737 g!9 9.8K65) (fe.

Detta Group 44 175 304 - 110*— Ox.

DemtfcJ.H.lft) 14 20 — - ZTJ_ ~

DertttndSOp— 79 76 75 10 B0W.9) j

OesoutterZr. — 82 19.) 5.7 IS IO 4 U 5 w

m April;
15 1 A

ftl B I .30 25 [Hi &*£'

ai s

3.4 10(135] 80 M*r

3.02 67 50 30

24 12 25 435

24 10 54 201 gar-

10 29 48 80 ™-

£5 20 46134 "«•

4.6 20 30 187

26S 26Mar{Exch. 12'*pc 19*
19N 19MayJTreaiury lOt^oc 1
14Ji 14M(Treas. 13pc 2>X>
22N 22M»rrrvas. Zapc '98-!

**1%“ *\1ZX" Mr Ju.S.D. Euon||_ ie-^ai -n't ij.iiu 1 — tu.o

iiil ?f22 f M. A. H. Fin. Ccrp. America. - 3.7

■tiSSSKi”" Rw^ivliHS « TT Ai'-Jy-OJa- First Chicago $5.. 97ft, lt| SI 20 - 7 5

„ LJ — ,-iw— 2J-ZI J. AD. Jy. oi Fluor Corp. £-'a._. 949Frd 30c - 5.0

S-i? ^ a 1 ^ xch - ^SSni- tS^l Jl-z? Mr Je.S.D. Fwd Motor S2.._. lii,1*7iffl - — -

25Ja 25JuUTreasL 13 '*pc 200003. IW, I MrJaS.D. GATXSSg. 13^a[ S2.40 —100

136 304 24

NOT. Do NonVta.au 63 30.4 24

Apr. Llncrtrft K. lOp. 29t 2 152 10 { 29f 40( 8 J
July Lowland Drapery- U 26 — 1—1 — | —
Aor. MFiFumteelCb 87 20 20 I

JutelMarn 6 Spencer 171 175 4.6

July Mantn News- 182 76 Nt505

DudOe Steels-. 140 29:

Edbro (HMqs) _ 83 211

DHotttBJ 50 15J

Era Industries _ 32 13;

Esered i_. 23 601

Expamet Ind 57_ Hi

tmm

Era Industries „ 3Z IA/1 6L- — J — J— Aw

Euered 23 6W 6Z - 1 - S«L fl

Expamet Ind 57_ MU 45 B0hl^(H« k

Farmer (SW-). 162 Di S907 -J »3 — OcL h

Fife Intel ar 123 293 6.0 2lj 73 59 fit £

Firth (G.MJlQp 358d Ut 30 1« 2^350 qS. h

FoftesHfonfeSp 12 17J iCL2S — IzmI - oSi 6

CEI loM. 2£jp~ 72 57 532 OfllO^fBS j£l -> J

Barton Eho.lOp_ 24 981 — —I— I— jmiv*

Ghmwetflnt 98ri tti 735 19jlQ-7k57) £ 1

ClJ 70 »fa» DKWnbrtMte- «

BOC Group, 1904 Ki 1531

BaSpcCDIti 00-06 £141 Zli Q99C.
3TSZZ . — 332 -2K 8.75
BHflt(Wm.)£l 230 75 1295

Sarriseylfti— . 33’ 75 03

sSSrJzz: us w id-

Barrow Heptm. 27 1W 20
Boh&Portlaad- 8 U UJ t45
BanerTte.USSL. £224, Si W 6 c
BeotsonCbtric... 287 »3 85

ftwi™ - — 298 . ■ 76 8.0

Bet lair Cos. lOp 8 1073 -

BertoxlOp— _ 37 76 05

78 • 21 40

BenrickUmpo. 15 263 20

tit 20 10 210 08)

IU t45 23 7J 80

8i 046c - 12 -
93 85 31 59 70

7i 8.0. 17 30 {HA

20 ,| — 11901 —

*))___ <20 195 130 LI 4i M.9

(JJ50p„ 27M 1U 16507 3.7 29 10.9

?HWgj MS 30.4(190. - 25 8.9 65

atedEno. 35 B.1 035 — It -

19S 19Mar Treasury Ills* -01-<K 101 -mi) LMIUI 1129

14Ja 14M Funding 3 l 3 >C ■49-04 C&U It S.13 9 r 0

21 May Z1N Treasury l*ijpc *03-05 111 ‘2 15.4 1157 1147

5Ap 50ct Treasury 8 pc TE-Ob**.. 7^5, 1_TI0.47 10.74

22Jul 22Ja Treasun HVdc 03-07 . 1 34 15(41144 1139
26S 26Mar Treas. 13iapc WCB. 115 n) I? d 11.64 1159
lOMar lOSTreaacy 513 X 08 - 12 **. 55^ xt 4.3 9 86 1003
2&M 26Ja Treasury 7l^c T2-15t; . 7te, 2LJ1053 1066

12 Jun. 120 Each. l2pt 13-'17 ... 1101 2 6 i 1112 1108

in.iu.v. unin^-y. »i x.«u — IV*

Ipr OcL Gen. EleCL $2'- .. *2 4i! 5300 — 55

4rJu5.D. Gillette SI 23'-, K.4) S2.5C — 50 !

F.M.O.N. Gull Oill| 37»j 36) 5100 — 44

Mr.JuS.0. Honeywell 5150. 42%id 3i 5? pO — 4.9

BUILDING INDUSTRY,
TIMBER AND ROADS

Undated

[Consols 4pc_. — [

Uur lCHWar Loan 3taxt*.~
lAp. lOctlConv. ’bl Aft. .. I

56>« 25411114
33 26.3 10.89

35i;«l 25 K 9.78

F.MyAuN. KaiserAI.il, 77fcp 23

MA.N.H. Lone Slar lnds.._ 141, L«
MaJu.S.0. Laiswa Land W15._ 276

- 4.6 j Feb. A u q.|bFb Iroc. 5fo. | 435

5Ap SOttfTirasury 3pc b6 Aft ^ 2& L 3 1123 -

5JaJU0. (Cortsols2ijps 23 1 i 1106 —

lAp lOctfTreasury 2>jpc 22^ 3.2 1107 —

JnAp Jy.Oc Lowes USS050_ ..... ...

| ApJuOJa Manf. Han. USS750 16a 3^52.92 — 100 I Feb. Aug. ceecTnood lOp 26 216 15

FeMyAuN Merrill Lynch SI . 29', 38 S103 — 3« ! JM. JJyiiei^ay 8? 175 7 0

Ju-ApJy.O. Morgan (JPJUSS25 31-Vxd 19jl 5340 _ 6-J j **r OcuBenlord M. lft> 51 19 < 3.03

N.F My. Au. Norton S vsm he. SI _. llG 36 SI 08 — 5 Si Aug -Be'- .3ros 20o.. *7 i.7 d3.1

Ju.OcJ A Quaker Oats USS5.. 23 !, l£e| 5180 — 4.5 I Aug. Oc-joiockleys cOp... 175 175 73

JAJ.0 fiep. N.Y. Corp- S5 . 155,41 10.12Wjl-:0 - 50 Ja. MayjBlue Circle LI 420 30.4 T17J

; .MyAuN. Rexntrd S5 6Upri 103^ 5108 — 10.4 I OcL Ma* >Jr«don L.me . 173 19.4 7.63

Index-Linked & Variable Rate

l*a Ip 5190 — 7.9 j Feb. Ati5j«g.xn- W Sri. .j 60

23^Jd 276 SI 00 — 7.9 S Jan. July|2aiier cmj’Oo 1 a3

H» 2 123 48c — 25 i ftev Dec.J£arraf Ow. 10 p 317

60 I 236)3.75 0.41 8.9)45.4 Dec

July Feb. NSS News IDp. LW 175 fi 2 i>

Feb. AuojN'tfw GoMsrmtb. 63 175 351

Ocl AorJOHwerlG.)-A". MO 295 501

JuiK Owen Owen 160 304, 3.0

Jan. J^y Paradise (B)10p. 36 L3 T35

Jar. Aor. Peters SroreslRi. 48 481*15

Fro. Oct Polly Peck 5p... 330* Z3J2 m05
Fen. SrodPreedriAlfrod) 55td 161 35
Apr. Dec. MbaaaR.6J.5p 49 155 301

J man RamarTexLSp 7i ? 2610 0 31
Mar. SepL Rstners IQp __ 35*3 161 25
Mar. CKLlRateecfclCki... 32 251 206

. Hd* Precision J

m ss

24N. 24 MayfTreas. Variable '83 _. 1

SepL Mardi Do.2pcl.L -88...... 9t

16 Mar. 16 S. Do. &c !.L "9b 10!

24 Mr 24 5p Do. Zijpc I.L 20C1.

19 Ja 19 Jut Do. 2pc I.L 2006....

— I Do0'jpc I.L 2011.. 9

76 * 1.0 04 t\ - jidv DetLj

293 0255 3.Q 1 5.6 8.9 lipnl 0 ol

216 15 15 801(99} Sard, S^L

75 7 0 15 1101(60) F«. July

94 3.03 2.4 12 69 Dec. Jutyi

d3.1 04 9 3 55 Feb. July

75 75 01 6 CH 115 May N 01 .

0.4 1175 53 6 -ffl 4.7 Feb. Aug.

Re*ficat5p —
[Reed Austin ‘A’
S&U Stem 12*).
Do.25W.12i*.

L71 175 46 0C 35 187 . Wc Glytiw«nnt__ 98a iu 7J5 15 10JKSJJI ifa. Ocl

jn 76 1ttf05 36 41 76 Dk. Groertw* lOp. 40 19.' 10 04 5.mB.4 ^

jra j3»S5£»Tiju: S i?J « « 8 li J E??Z' s g m ~ I! IfAaS ^

July NovJlJMem lets. 20p 127 175 46.95 00 70 (384? "" Si*ftEb=r5 Hf 8 ‘° 09 Mar Ott

“ - 7A 17 5 h7 6 44 30 97 J 3 "- Aog. H*il nycSM 5f 14 Jtt - - -)-t J* Juh

63 175 3^ 10 ai Nor. Jme Hadeft 200 30.‘ 75 31 34( 75 £»«. -

Jn snj 521 04 53 95 Aw. Hall Eng.50p.. 322. 293 701 43 0fl 3ft 5r^ Juh

00 m 30 03 07 - P* Ort HaTOtpWn™”’ £L fl^ \\ 7 3 |^

36 L3T35 13 13.9(75} ft- ^ ^ 'H mil-ail # ^

48 401 *15 - * - ft; ^SSSfc?— JS iii Vi Hf

30* Z3J2 n*057 01 10 BWJ ** ^2, H-s ^ S*

55al 161 3 5 35 93 0^ nSJ 2 ShS^3S: m* **

49 153 301 15 115 (70) j" fi iL «1 JaaJHw.

7i ? 2610 051 60 6X (07) Not ™ 27 7 TJ7 B*

35*3 16i 23 p 9.4 * f, *iuU-Jfc' »)

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92 ' 1 1^356 ll 50145 “■» Ott I.M.l I 54 293 45 10 lL9»Jl| fS^SwI

W6 _ _ . 34 **• Mar. fadcsoJ&HB5p. 53.10 42 4.^621 jS jS

M 2 ™ - Z Z i? .Drathr. JeavonsEng^ 61 293 g375 19 s3 73 Mg {g

T35 15

35 15

Hatt»»5p IS 2| 40:75

KawkerSkL 350 175 93

BiddfeNMn— MB 30.4 490
BtiWTSitedEng. 35 19.4 055

Bfllam{J.)IOp- 68 7J 5J
Stack Arrow 50p 3W 166 075
[Black (PIHMgi 35U UJ 4.95
atattWlPBrn.. Z 2 Z : B.7 &0
Botecote lnt*l_ 53 173 40

8 efD.Pel.WBfc 12 28.9 *00

Booker KcC?Z 70 175 35

KSS5S

Ers-s®

8r6y Leslie lte. 63 Zli 15

075. [I ft 10.9
4.95.1* 20

(60 . 09f 7:

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iBra*a«(ttJ2(k

May Brceten Lime . 178 19. 4J 7.63 12U^29.0 OcL Apr. Steinberg lOp -1 30
Ju.ri5rww?rfr.lft 50 5.71 30 9.11 9.6} July St*nrie2Co 45

smoel (H) 'A' . 92 7J 6.25 10 9.7 QM)

ehneourt 5p_.. *2 2630 0.44 — 60 -

w»WH‘A10b. 209 175 505 25 30150 *"

tanley A.G.5p 54 280 d05 16 6.7114 *"•

ead.iShnW. 56 5.7 305 11 95136

Jan. Juk Johnson & Firth 11 2331 —

May Oa Jones Sbtaaua- B 283 10

Jm No*. Laird Group. Ilf 19.4 40

Jan. May Lake* Bltot_ 29 76 214

PB» : SS

80 75 Zi

1^3® its.

Lty\ Fowrtiesl JO
Linroad 16

l NT. BANK AND O’SEAS
GOVT. STERLING ISSUES

OetlBnt. Oredcmg.. 35 216] 05 0.7 2

Nw.iBiOT.pJVsn.20p 20 280005 — 1

j-jhie-ewnte- 59 ZLbj 3.7 07 9

MjriBiwar.HldflL.. 310 19.3 63.94 30 5,

Jan DO-™*i!iHallaiii E30 5.7] dlJ.O 5.9 0

MsJu5sJ>c. TRW Inc. Si V-.. ^ IDi 5250 - •: S j Jl".' JuhX NSW C IQp . 391? 76 07'

Fib My An hut Termeco 55 i5'?«d llli S2.6G | — 9.9 Jin. July, Carr iJohn) 103 7i 11.68

June Dec. De 10% Ln 5tt 91-95 102 2331 lO^il — ill.O *nr GcilCwrer roadironr 54 77J Q3359

J. «P. J-.0 Tbwi.pl USSC36I,. 934p 14J 40c J - 25 May Lwtoca*n fe. ICd.. SO 29J 055

MrJe.S.0. Texaco S6.25. — 16 138 53 00 — 1C 4 May Oc.}Conder Ini 62 19.4 trt.O

1M Finland 14t*c Ln 1986
6M InL Bank 13i*el93b..
— Do. 14pcLn 1987 ._.

1986 104 14j 13.35) 13.05 Mr Ju.5.0. Time Inc. SI

33b.. 18*ad 6 Jl 10391 11.84 Ja.Ap Jo.O. Transamenca SI .

7 1C7U _ 13.02 1102 M J S D Union Carbide 51

Z7n -118.97 19 JC KarJnSoOc UW. Tech. SUS5 .

ISipad 2id 5LQ0 — 30 I Ju*y Get.jCos-Jlin C-rcu? .. 230 ) 175 *12-0

21* 27-3 SL40 - 70! JuH Ocd Dev. Grid ._... 220 \ -1 -

0Oj — Jan July Tem-Consutate. 41 25

- Jan. Jtt,r«n- Prods. l(fc 20 ZLML13

9 C PU) Fro. July UDS Group 67 23 30

5.0, 6.9 June Dec Upton 4EJ* A’ _ 27 HIM -

04 90 Ocl May Vana»20p_ 120ri 16 S 8.0

90 55 Ma* Noe MW Group 72 !73d6A

25[S09 May Not. Walker (Jas.)_ 51 2?| 4.0

0.7] <5 May No*. Do. N.V 41 293 40

7.3h 6.9) May. Not. tWvmg&Gillow. 68 293 00

9.«63) F Apr. Ocl WearwHf5p_ «4 333 t07!

8.7 06

MB t

JUojd(FJI.)_i. 25

fiSfflS: i

Z I ri _ I Apr No*JMJ_ Holdings-! 255x1
in 77 , qc n a I DeoMdter MangwiBronwl 19

o 5 ci December MnganBronze 19
140 33 Jan - J«* Marauter-ZOp- 218
110 ma kn Jan MdCecMae Brt»_ 101

Sf £ SSte i

1M ISIMex 16*jpc 2008 ( CTia -318.97 19 JC harJnSoDe Utd. Tech. SUS5 .

15S 15M Sweden 13»*x 1986 102-'*a) lit 13.14 1251 Mr Je.S.D. U.S. Steel SI —

MrJe.S.0. Wool worths 53*2.

281, i ri 53.40 - 7 0 Sett. Apr. CourTryside — 131 19.71 13 85 4.4

15040 - 50 Ocl AoridCrouch(a)20p 125

CORPORATION LOANS

MrJe.S.D. iWool worths 53*2.1 11*0 15 J] SLSO 1 — 1 9.5 | Sept T.br CroiC-«rw55p 109 193
QJa-ApJy. (Z^ata Corp. 25c. | 877p 1 1371 72c — 4.8 Ao*- OdjObcpte! R*L M J 69 li

— -Dwrton Grp. 4 —

Do. Geld ..... 220 - - - - -

Apr. OCLjl

a uo- np-wnwaiM— -wr

fo iter. Nor. Midland I n*.5p. 38

* 5

Ui 2 3OJMS0OO - 100 M« Oa Crouch Group.- .94 15 J 4.83 I 9 ] 7.

ELECTRICALS

s a

30A 310] Bath lllopc 19B5 . — Wh 335)1151 11.40 ntiiAmti

ID U Birm'haa 12i*c 1985 . 1021, 45jlZ0O 1137 CANADlAr

ID LI Burnley 13 pc 1987 _. 10*,* Jadl2>13 1172 MjSJ0 Bk.Momr*alS2 927o

24A 240 Cardiff llpc I486— 9Su 24.33117 1144 F MyjAu.N. EltNoralroUl"” S?

IGF 106 G.L.C. 121-oc TO 101*. 1ZD3250 20.70 aJ^OjI 3eil^raea$ffl," 84ft,'

35F. 15Ag. Do. 13 ] 4pc 19B4 1^‘.- 29 4*1093 2133 Mot Nw. Bmn vSSl 729?

15M UN&LssowSw'BtWa.- 99*# 9.23 1009 * ga. BrtKtaril tJsZ

ll ioKSSfflf 7 - ^1258 liid F “^ N - Ska:

1 -ri ifrSn T rffS, TT *t’ ^ Ju, » Jan. Can.PactOc S5. — 14»,

1 ito*ln Ml ir3Si2tt“ SW ' ni « 2134 J3 "- 0%AflcD»b £1C0 31 wt

Lw AJ.O. 0. 3»3>c Ined. ZTVin LJ' La 05 — Ja An J» Oc Can P EnLlI ajrl-

15M 15NLon.Corol3i4Dc , S3 102'. 15.4*1290 1125 j j? *0 Gull Can « 74to

16. 10. Dp. 9'<pc *64-85-.- 97'j 9 4? U53 iiW 5»to2srf ciT «7o

Not. Mav Em* BO 19 4 4.0 17) 7.

JAJL Electronic. J 253
|R6 GSkE1ksSpJ 1«

340 19.d 5.6

siss & ifftS

B. ^ Jl ft. ft

S 9JJ 10 - 83 — K

25 5.7 10 33 57 65 *» ^
21 216 L17 23 8J 87 .7 . ™

JLa«..?H?S ft

^ SS* e %

m. 30.4 70B 18105(60) Dec. ■ ntw

i is* a Faa s S

46 0N305 201037 40 Dec. JuM

137 193-75 17 8%6) gpL Rd j

Sb«SZZ; SB*

fe*B”S

psmi

Prowa B«. Kent 31
[Bruntms(Mass). 116
[BarcoOean— 23

KtefeSp 75*

70 . 04 40 70

■a 1 S *

54 20 63 60

»■ * a •

5163% 15 9.4100

:.Hint«U(fc. 27

:SffASU_Jl56
1 *wm 20 p_^ 96
Mg(W.)_. 48

r> aii ki r> Ja. 0. jul* FurckusLCcns. 2C5 175 t5 5

CANADIANS ** Dx.Feo. ihlidp-I 102 p .4205

Mj.SJ.D. Bk. Montreal $2— 927o 6UI5196 — 9.7 J 3 ? ^LiSwsJ

F My0u.N. Ek. Nora Sew.ll... 11» 2 30i| $164 — 7.« *"• J^jy <^*n> 13p| 13S 19gt05

Ajy.0Ja- 3ril Canada S8i,. 84ft, lrfaUsi% - 10.3 *»■ ^ S, 1 *® ^a, D J

May Nov. Bow Valleyll 729o £fl 15c - 10 riS?l£2S.‘ p JtI”“ ' ' h

Oa Brasanil W5oo 2.^5160 -214 Apr OzL,**AK''ix .-.. t3 faJHaCi

10.95] 5J
*410 1 —

18 210 0.7

121 1^405

63 C3Hnd2J

Swfeai TB nflas zm \

H Aoril NotJAmstrad 260 13 1d3.95

July Feb.]Arien Elea. — 33 5® *410

Jar JunejAudiotronic Kto 1*» 874 *-

Feb. Aug] De JfceP>*.Pw. 4i 2 37£ B—

oump-n No*. MayjAuto't«ISec. IQp 241 Ml bU5

9.64 (260) Jul* JatuBICC50p 380 30.4 1057

50] 78 Mo* MariBSRIOp 59 293 LD

5.71 70 - «Urv(Mdaen2a,. 86 u3.0

155 3

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7bij - FI 8 921 J, I, ;n imenairiilii V>-. I --U el -n

COMMONWEALTH AND
AFRICAN LOANS

J73 / •• 1 % 4f Mr. Je.S.D. 1 mperal OUII . — 12~ e « SL40 - 5 0

is l7u JW-A9J0. Incoll 573? afjsusft - 01

i 02 | 24j|l_ JIl 1113 F.MyJVu.N. Ini. Na Gac SI ... 53Co 30 JO $L10 — 9.o

MrJe.SD fAasity FergJI. — U4p 20 IJ 9— — —

T !4 AMn *n« DertRio Algcm 15 7 , 5ij 5150 — a .4

_irt Al\U MJeS-D. Royal Bk. Can. SI 1C^ 3 7 5030 — S.7

flA MO SeDeMrjj Seng-am Co. C51 31 UijuSlffl — 3.4

UAlMO F.MyAuN. (Tar. Dam. Bk. $1. 13*6 2»12l SI.OC — 7.G

139p j;aj 513b — 5.7

’fBorlhoroe lOp.l 275 17.S3.42 3.9

— _ Jte-
10170

5 .0119 -«y

Jme Porter C»od.2£ti. OVj
Ate PrattfF) 58

Nor. PreawicnPartw 29
Mar. FViestfBen) — 22

Jan. R.H.P 49h

•20 Zli 30.75 2fl 701 p*.

31 ’ 293 h20 171 <2\ 7.TI **

175 055 - l3- I .

58 250 *44 - { « - 1 . .

7 33J (till I July NOTJedote-A-Sp ... 24l a 7f 135 0.6 7$«lj »«-
i)U 7| 8.1 1 Man* Z75C 160 66 06 3«145 1 *te-

,96 1 NwJRVwBnesSta.OI 125

^Carnbnope Elec. . 167 293i 4.0

Rttdlffs(G0J.

R’dmnH'nanlOpI

30 f
40 L4
3134 13
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7 . 7 MrJe50.

5a 0L6) Match Se

pe Industries 04
rauarodCZft, 12

rfton Inds ISO

lesUcnZOp- 20> 2
LSwwwdjp .UJ 2
ThTwaySCta. 95a
■MtaPILl^ 52
ot Wares 20p 18

alfciffiSM. 128
istie-TJOp.. 39.
fades IbLIOp VO

220

rltefCtewnt) 339

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bMTediKfc. 12
nsaftanslOp 197

». 1« -

48 m 7.0

28 57 543

39 30.< 301

77 32J 20

53 06

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SHWiVlfloJ

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bCass Grp lOp . 104

ChtonoeCro. 27

DtTijcCw.JmP^ 119

475

Now. CroyEI nomc IQp j 80al] lbffllj5

u3J5 65 17 9.7
«d05 08 14150 ten-
B- _ _ _ Oa

7lj% Oct

65.25 3.9 10170

101 1 ** FebjRenaMg-— -| 30 Ifl 20 - 951—1 Uar. OctJCowau defat Up

— J Oo.3Lfls«W5A^d. 73s! 300

— Do. 413 , 1 : 37-92 Assst. 50 T.7l

150 ISAjSnfcabwe Ann (LlOCoa) 396 1531

Mjy' wri'-^WrKn: 55 ) 1?4) 45

1 D(Ausl 6 pe 198I-B3 ... 9SM 73.4| 6 J 8 13.17 1 --Ap-Jt-O- (Trans Can. Pipe- [ 939p

LMN.Z. 7><pc 2966-92 .. Tlijri! - [100s 2249 I

15J Do. 7 i 2 pe TO- 8 b - .. 901-^1 17? 0.42 lll)7 |

10IS. Rhad. 21n(ic NorvJW, 150 I — ! — — 1 ri n KI f/o mn ■ 1 ■ nr-

- J W

I A=ni S^jLlja-.,s f j 344 293 150 ft 6.4 ft Feb.

} — [r.'aycant 1 5 — — — — I 9.7 Jan.

I Apr. Sill r-'n-mgs 53050 68 3J 20 6J) 7 9 May

- tnh. Ix.J 232rt 16? J353] 24 4.qi30 Oa

1 Jv'» !.c--rs ZSwe.lCb I lb *77 — I— — I — —

TKCT l & 5J«rfw.|BANKS AND HIRE PURCHASE

7.7) 9.0S 24

jc, j^.:-t:*.nM(a7i 2 rnt&M &
| June OrJl^n; ;jyw,; ....[ 79 j 30.9088 ) 2i
! Jai. (J ) n 130 1° 7 ] 8.0 0.4

I Last! Ot
Ptee d ( Net

Jan. Jj'j.ia^rvrceCnV.).. 174 304805

F« Cer.ji_=«r (Wm.; 2 vp! 55 23321*6.6

June De:'Lr-iar.d3a:a_. 22 373 15

LOANS

Pubiic Board and Ind.

LIIAgrtc. ML 5pc '59-29 ]
1 S|M*l Wtr. 3pc ‘B' — {

Feti. Aug. Akrzrvfrrz D. CL 2&0 * ^ 40.7 1 — jio^i — ; ~ i'tiitfir. & M I 123 M9 4IS75

Mar Aug. F1.100 £5<b: Vdfow L^IO.O 55 Ma- s *d j 1 S y SO

^‘-ssassjK s ils|n«,js"iaj H $

iLI ,51 1221 HI? ten Bk. Ireland Cl.. I 270 17il.-cfsrJ - 89 - ,

33n| 24| 909) 1161 May NowjBk. Leumi SO if 2 25J h&M _ ( 0.9* — ! f«.

M I Orf fir's J ?K ' tier. Ju.-.( l:; eynjc .._. 180 1*4 g65 I 34} 4.4j 91 May MorjEmess Litetjig 325 W.fltbJ

i^£**S.n-OTl i” J l3l« C |i^lo'|i 6 i^’ §? ^MO ill S3 03 Feb. Au^^wialft. 5K 3 4 a-5

03 1 ten.

» He5p — 134 2Ls t!75 1

KLlOp 77 13 3.0 ft

KilOp_. 8 1079 B — —

I'flOD 12^ ZS tO 15 —
AM. 2* 36 >f a fiis It

uid XOc. 15 2B0 C35 —

reurucs Hldp$5p. 215 - 603 0*

JuMDuftKfrbp 92 7b 7155 3J

ESI London .... 296* - *0028 01
CaJcJea'aHnps 10s. 190 21 22 li

76] . *■»•
23 I ten. t

SBOTF«toS)5C. 96 - QL5c

EtectromcMarh.. 30 975 —

Elea Rentes 25p 74 'A 431

Erness Lighting 215 19.4 tb.75

tL75 It L9)l£kl| MW

3.0 p 5.8 ft -Wy Dec

B— — — I — | Aug- Jan

tO 15 - 17] — I ****

fL65 10 65)133 { tej *bj

B-35 - 52 - teiy Mar.

l 2 J ZS l_5)37j| No*. June

1155 3.4 04jmM Ally Jan.

«028 04 11)53 •£«. Apr

20 39 L7JZ19 Ott to

JWdtanS(lje*a). 4 19.< 00 — bJJ— Jidy ■' JadCreanJA)

HfSdrnilAtaLSCp. 24lj 304 15 _ 8.7 - Apr. AhwIcrostlHcfBllOb.

4Wrimoom«.> 31 29.1 25 01 135 — jSb. JuJyKnteWthdl^

nRotorttlCft. — 63 19.4 1045 30 5.7 80 Jaa. Jtte-EahwO;— _

jSf^G.aOp) 54 151 302 ft 01 ft J»/

■jSeworEeg^lOp 27 194 La U 7.9 90 Dec. AudD? La Rue

Siaw FanchZOp 18 680 — — — — Frtx. SwOwmote St 10» .

5imon Eng“g — 356 175 106 3A 5J 70 j^,. j^Dndde Heei ..

MOGroup 21 505 10 130 (113 gi

SnbthWWLSp. n 0fi — — — — SepL Mar JOabsfu Park lfo.

SpearAJadsoa. SO 304 658 U 1L7 W) ■£? WDbmtfi ttelS

Spencer CAl 2ft,. 33 611 *04 — 1 - MWuSeOeflJowtopllSl

Spuai-Sareo — 3 35 19ft 4J 03 5.0 117 Ray OoKotto SwoL^J

gtealteMba 2M afllll) 23 70(7.4) *SJ taJDuto r &^

StttwrtS Ptn£L 58 Iff Hu — — — — Jpae' . FebjDiuidoolanZQp.

Syte(Henry)- 26 ffM - _ : j£etoin«H hfk£L

TlGreU»£l 302ri ILK 75 - BL5 — j»: Writopie I bL-ZZ

QL5c 09j 0.9)109 1 . to Oct )TIGro«>a —

Jan. June/Cope Altman 5p 38 175 100 01 75(01*

Jwe OafCooy** lifc _. -38 ?i 04 ft 9.01 ft

Matt* SewjCosait— 1 S2 1U 35 14 15^(5^

May DecJCnortmr Pope 2ft, 55 293 305 08 7 MJt

Mar. Oo^imtedefaLWp .20 150 d35 0J25X —

Jtdy ' ■' riralCroan II) — .. 82 151 t«7I» 15 101 7.8

Apr. NwlCrertWchDllfti. 1KW 16i «05 33 3.7 107

Jra JiftnOwteVWldiau .7 ZB 0 . 05 — 1C

Jan. Jtty.balgewa — - 289 175 200 14 10.9 (Bi)

Jan.- Jtdy DsriesANVmn. 62 Zli <00 — 6.1 -

Dec. AudDeLaftte 580 210 2008 15 01 OU)

Feb. .SnojowmonlSLlOp'. U 28J - —

Jte. JuneyDirride Heei 5p ,| 7 19.4 045 14 06187

Jan. Seaieiey Inds. Qj 244
Apr. SM*rt&PW£L[ 58

toSytas(Hoay). 26

Group £1 — JOSH . „

4.6 4l»f. SepLTacel* 16 287 - - - i- ja*

31 L£ 8.3160 ten- ta* jjeglemtL — _ 261, - 57 16 Ui 00K77J

b.75 04 04 (5i) Ate. . OaTnifosZftr 25 12J — - — — ton.

88 03 4.9 UJ Feb. SepL Ten. Abras. lOp 40 28 305 10 21^60

>5 25 18 353 to Thyssen DmlO_ 265 293ri»4* - 03 - Jm.

55 04 10 308 TonddnsF H.5p. 19 08 L35 ft 103 ft July

20 34 20107 J* 5 - Ann. Triplex Paries. 20 5J LG _ 7J{ — S?-

105 4 A 14 175 to M Ute. Sprite lOp 12 310 05 22 60M0) to

].l _ 03 — to Jan. Uul Wire Group. 87 53575 14 9^K90) j

175 03 43 9.7 , Aprfl VTH 68 293*13.84 01 SJHb.7) jta.

1.0 _ 20.4 - Jan June VWtmO 143 U|nl20 10 10O&7) jS

3^4 ft OS ft Apr. OaVIctnr Products 352 293 405 ft 4^ ft Ito Jh

2.V5 45 L7 173 Sept May Vosptr — 185 117 4.0 47 33) 7.9

NOT. June WadkbtSOp — 50 M D5 — 1.* - jj-

LO 00 7.C - Mar. Oa Wagon Industrl 8 S*f 168 60 *' 103) ft to

L52 11 38 (00 June No*. Walker (C.& W.). S ' 2 56 "St — r-’ — J — n£~

_ _ _ _ Juty Dec Weeks AsswJfti 32 601 07 - 23 83te.9> to

L5 — 26 - Jte. to WetrGroup — 52^ Lffi 80 .50(25 S

April Oct Do. lO%Co*Prf. 51 29J 05 182 7.S — Jan.

- — - — Mar- Stott. WenwEogUj 30te 16J 335 ft 16.9 ft Mar.

— — ten J* »dtew«*S»m%__t9 UewEft - -jZ_] _ w^-

» Park IQp. 22
WMgs, 2 te 7 a
Corp DSSL £321,
i StugL Kti 2fa
■Brttw.Hfe 44
ootinZOp. 88
fflWdcfa— 318

Id 38 28
501 17

1&L 14

B 6 zi

20 1M

3l75 53

HD 25\

te,J*f(VJL.. 144 2S] b4 0 3.« 40) 7J Feb. Aui«£«tera W.1&. 5» 28[l65

— i JcLZjf^hLH 1 123 347515.75 30) 6 7 60 to No*. Famell Elec. 5p 225 -1155

Sro Masnei s *,*.■». j 186 d 5.0 01 3^16.9 IOT BO) 20

JuTs-Visr.der. (H:o;)| 143 293 5.4 07] 5 ft 9.5 Frt. AugJ Ferranti 50p M25

yr I 144 1* u5 IS 451(0 Jao. Fioelay Rad. lOp. 53 b^lj 0.1

:-'L.. , j’rv^-fit?«;i i£w i«g 50 £3 tW a.a to oa r.« fcwje iop u vsni»

it ruu*K..I 71 197) ZS — ] 5^1 _ May NOTJrorwapTech-. 21 19.^113.0

— itoeritL . ...I 79 - N35 — 63 — D« Ri|«su 750...... 190 — JfflSfl

Apr. KnjLi'i-r|!uc','jis 14 fjlj | | — Mar Oa]G.E_C.. £10*8 2Sj 12.t5

8-6«77) j-jon.

uJ 60 %:

20 5J 10
12 HI 05
87 175 5J5

68 29Jgd30l

ft. lfli ft July

— 7J 1 — &» . ‘

2J .60»|) to

; Ca AO- :5.nic»=nite ... 170 04.05 — 3.« -

j jivl t'ac & 4 me«rs ( 18

5^5

0s>;

J^ir Sejl'.lMbU) E9 27 7] 35

ten. J 11 I 7 fa) 212 1751 9.63

Jun? IfjeM'ff.J £:._ 5C3 3C.ridfiO
Aug. Fw I*;;:l S-«ci 55 b 168 57)662
Fen. C-CLjBhertu T.tsotr 52 2flJ2j —

— K-iwnf 45 I —

Jun. Ce;lPcJ,« ) 200 175^ b.O | 6.4) 6 41 25

155 _ Jot AuaGrowener Grp 5p 20 175 10

5.6 3 i Aug Mar •FHadlano 95 57 d052

6.5(65) — HerrokmetKs lc_ 5 — —

22 275 Janory Highland B. 2lp . 28 2111 05

5.6 G47) — JrtrtenwQlCc. 22 - —

_ _ July Frt ICL.-L 56 1750 -

3 \

"SL-ef’

June Ce;.=MC 1276 *8*1 95

JJay MM ml5a,neirdi.l0p} 15 1- lijlZQl
— irRaius I 68 Hi nra.l

l» -

Jan. Ga|R«.ian : S ”1 ao £2 J3i° | l£j*5'^|BN | Ju °e OajLee Refrig [215 j 194 80

- StorlCMilSS? -1 _ ! r| I] - ! Jot. JdyrM.K. Electric — I 2S3 ZL6jb7.0

4.<fll0 7| — Pawl Jet. Sralfc. 13 -

0.9)10 71 Ca Apr- terra Stroud— 88 M lid 50
0.71 5.1 Jan. JuftKodelm. 275 29J! 7.0

- »

rr tJ zis. M« 5^?9»d5p-^- ». zn_z- -\ -i-

Dwrt Grate, lOp. ' Sb -ZL6

DMmtfelll: SC* 1 M

Bbl’JF 7W UJ

EIS-.^.___. 142 m
EastanftttLSftL 6« : 2LC
JiKellftp 16 2J

024 0ft 4-
4.0 Ift 1 70

iJBecolOp- 7H 2 29J] 3.4

laatreiwSKsa 798 l
j^n&Rriftbs- . 37

: sus*

fVt-y) ten. June EisnKk H'per 5p. 8 21i

AJ] +_ Mr JnSeDdErafiartCoro.sC. 08^ 3J
10 7-9 - Enw3y5p.- — , 10 75

inflT to- Aoril EMjSriqaClAys. 054 Zli

0J1 ft to. Sept _. lOOm 16

rJ^L. *»7' Dec ErteaeBocse- 39. 1

|-3WM» Mar. Nw. 6 pbmbW.3^,i 120 15

25 SepL EsrtteASKSO £M 15
2 SJ*r ten. - Jane Euro Ferries — _ 65 17

■6-CJ ft Mar.' Sept Erode Grp- 7BsJ 16

B-.il/

— l — I ten

^ 80-1 ft 4.4 ft
— — - 90

'6.7 ft 80 ft

t, u [&>

I 1 I Julr FrtJWMttaod.

— .bkptH lyrti.l LS8 — — _

July De^aeowtiAiar:.] ISO ]7i 9.0 2^ 8.6 7.4 May MMeroec

- :: a 165 19 4 10163*4 3.7J B.4 40 —

0 «. Jj'.(4s»',rc«!i:».! 36 Zli C081 65 04 6.7 “ MrtelD

Nw. t' J.’PuterouS... 171 -9J 47 3ft 34 93 t J 8 *?

Jan. te.. ? U 5 OT? Crr-.roLl W«, 1*4 5.0 zti 7.9 75 J»- AJ0*Msaorol

Gn.jS3SGnjac 1 192

Wb| 1* 4| 5.0

1

Ca Mar.Snjroe G - i'-rr 36 i®.4j L3

to C-.u,Sn»l-ies 2 rick. I 16 4.10 075

Dec. J-.TpSria.ri 59 4 3t-3.?5

Jun. De^>Svrat 3 OTl 0 p...| 24 67a —

7 77) 77) ’IT Jan. JdriM.lt Electric- Z33 ZLMb7.0

.0 2ft 8.6 7.4 May N»Mero«:l» 309^ 29ft 30

371 S.4 40 — *MHe» 33 10p_ 140 - ud20

61 65 04 6.7 ~ Mrtel CoroJI— £U\ -j -

7 3 ft 3.9 93 Jriy Moiyro 2Cb — 24 87^ —

0 0Q 7.9 75 * Aj0j6tttorola S3 — £4W| ZliiQSLM

6 2ft 40 120 Mar. Jriy Muirhead 174 2LWJ30

5 2ft 71 83 — Murray fedi. lira 86 -TjOJS

5 _n 6.7 _ -Jan. Jufr)f*ewman lmfc„ 8* 121ft 3—

04 ft ten-
37118 to
5.4 55 ter
45 114 to
L4 485 Frt.
00120 Oa

— _ Jan.

— ft

i.Westtaod 142 ZU 025 UflftU ite Jbs

eVMrasoe 92 17J 1640 40 60 43 XL j£

y Men *«*!£*- 7 MJ 0.(B — Lfl — JaL Juh

, WliJay 66 29J 141 57 — j2 ^

yWWHansWi- 40 SV — - — — -r Apr Sc

iWooddtoaOp 8 HU — — K . Not

■ Vrn'seRtrolZijp Z3Jz I5J 2A 3J 8.7 3.9 .jJL’ -jm.
r)Yarrow50p — 370 175(835. Ilf- Do. Jw

- ■ ' Not. Jim

01f 25(23.7
L5 13 77.7
— Dec.

9.7 7.4 1 Mar. (te. Newmaric Louis 185 30 1L5 ft 9ft ft Jan

July hn.[*!ri , :i; Kt .. „ 356 liyh«0 0ft 3.ft 113
July 0c.^;.*:c-We»row 54? [ 194 1651 1 06l -jjwi

May Car=::ur.&^ oa 17ft W 17

f.la; Car-at-ri i irre'd I 25*

I Ja- .! 55 I 1 ft 1.75 I 4 .C

June T t -ri ' 165 s>5 5.0 | 5J

Jan. JuHllJ=M3ro..r:.„..l 46J-( jft 2.0 I —

71 83 te HopceEha V50 183

37111 — H<wrC*tiKX20_ 700

43M 6 - WWElCo - 209

71 79 - *Gcwnra lik. 255*

iirre’d 25* 30^433 4ft 3B1U SepL Perica-Etajer,

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June

Jan. Jul

s?

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Uar. 0a[v5ro;iarsi 172 1581453 ftlli

Apr. Cajriiatt Jfbgs. litp 52 Is 040 2ft IL

— I !«.. Deis 41 — [ — — —

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{to toifA'attsojra 173 19.cJ 357 34) 3

;Jw. teaei’Anierr Broi_. 73 6 % — — } —

Set: AsrJVVattmgs 33 S7 10 4ft 4.

J eh Jan. Joty Petton Hutg 20p 59 5^dL0 0.1

Si June No* PWconi lOp — _ 21 194103 11

1 May Dec. Philip* fri. 5 v« £53 17 a 05*3. —

_ Dee. May) Philips Lp. FID. 527 MU2j*Q18% LI

53 — PL*« El Prtfa. Ic. 37 — J — —

11396 * Oft ft to. Sept

2h a - 9.1 Oft 150 Frt. Ott

— — J17.8 Apr A«

S15 50 Oft 240 Apr. Ott

04% — f08i — Apr. Ott

LO 03 04) — Apr. Jtt)

23 13 ZftOU) Aug. Apr.

5V*i - — June Dec

1896 Lfl 731130 Mar. Aug.

— — — j — Frt. SepL

FOOD, GROCERIES, ETC. iSfeS

teMAWneSbftOlDp 66 2Ltf385 Z4j 13 7.8 Dec. SSFrs^telora

May AilQri Foods 10p. ' S3 17i al75 : 00 65 M te HFMilte

Sett Att.BriLF-A.Sp 152 5J -43 40 4.0 6J May teJFneftrad D

Ocl Abs. Dairies — 142 153 33 tfiJi 52152 Jwy - JagJG.R-IHdgi)

AuflAsj.Fisberies-. 66 190 -25 U 43 8.4 - jGarttralOf

Ott Arana 6ftngi5p SGM 1U 6J) 20 04163 Apr. SepL&^ter-A’N

Ocl BattcCfadaqiQ 144 112 6-75 ft 63 ft July OecEsfiro

Jidy Barker & Dip- 5>j - — — — ft- Apr:- 0cDstaxo50p.

Apr. Barr (A.GJ 250 5.7 507 55 30 60 Jra teSeWd

J — ten. Jul Eater 327 7i 9.0 23 3.1 1 M

« Jao. J^feeda te^clOp 34 175 135 ft 4i ft

*1 Ang. jaa F«m(J. HJ- 138 19J 9.0 13 93 r^)

- Jan- Ji^ Ferguson bid. „ J9 5.7 5.7 13 80 80

- Jan July FteonsQ — 398 3tLJ 10-0 1 _C 3.6 BUJ

T **- £» PftMgtejtev ^ 80 360 6.6

M ft” -to S SI SB* ? g «

DO. JaMFora-JiaiOp. . 48rf 16S H014 ft M *

- Not. ^ Jim Fdgstere.)3a> 58 30.t 8.02 23 9.9 (50)

Dec. - JuWFdsecoWiBep^ 375 .175 70 20 T7 (5 fl

to HayiFtthefgdt Harvey. .123 190 7.75 L 2 95 Si

70 Dec [Jww FrotKfa iocs. .... 44 175 5.0 L5160H0)

ffj) Nw French Tta-lCp US 21 60 3J 75 44

6 J May Not. Fneofrad Dgt_. .33 29J 53 .06 70 6.9

150 Jwy ■te, 6 .fMHM)_ 220 175 70- 49 «J I?

_J-4 .— . GOTtonslOp — ZS ‘ 1119 — — _ _

363 Apr. Srtt 6 eart*r-A'H-Vtt 48 21203 03 70 (63)

ft July Dec.GtewesGip.2Qp 38 - -Z. _ _

' 19J 7:75
175 50
, 21 60
29J 53

PUco HM cv20b.J 160 | 194 508 ft 4ffl ft Ott

Apr. Ott) Do ‘A'20p I 160 I9.ri5JS

_ j_ Jriy Jar.jFii-^SCp 1 5C3 ?G«S.62 2.^ 0,

Barrow MW20P- 21
Bassett (Geo) _ 78
SaDenVbrii 0 fc 76

BeiamlDo 237

BbfaQpsCrp 150

i d 69 Apr-

_ Feb.
5.7 Jan.

NOT.'jPrfsaic 10p_ 20
- j Quest Auto Kb- 30

13 02) 7.9 — Apr.
oLD -J 4.9 - Frt.
501 44) 14 203

Rdol Eledfcs.. S2S 57 501
RwflHuslcn 250 57 605

— — — — • Mar.

35 13 64 53 -Apr.

d03- *A 03 5.9 Aprfl

S 75 20 09 245 G&
0 11 3LB OLA Feb.

440. 11 4.1 Sa Frt:-

Dc-A-N/Vfc 148 7fttM0 11 4.1
BtoeterdCorf.- 58 aft4^ 00100!
Brit Sugar Hfc 467' I7Jrt450 15130

,Nri. to'w.'iVri IZ.f in Z)2 7.0 L9) *0) 6.4 Apr OctJ Rota Flea 10p_. * M.4I 20 3i

j Mar. OcUAw.rilT-jJfc. 74 5.7 30 ZS 501(79) — fbonOatalfc. 103 —I — —

Oct. Jah'V.*«ii:rr=yy) 2% l®.4ld3.0 05) l3 80 Met Not. Sdarfes (GH)^, 380 29fttl652 01

Jan. JunriV.ir^e, (Gei)_ 124 ) 1751 03 4.^30 02 J». Oa SesOTri Centres. 157te 16fl 15 ft

1 — Secrt^TagSro tot- 122

CKE?7S!CALS, PLASTICS ‘£

UarfAfcsR.r- J 505 I 401 82. 30 *'■

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12 134 Dec. June

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Feb. Oa Ward & Gold. -J £8
Ca Apf4sM» r LllZijp_| 97

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. ; 3?maiicial Tiroes ;Tuesday .- August &L 1982

I INTERNATIONAL CAPITAL MARKETS AND GOMPAN

fall

1 fiL.:

U.S. BONDS

Euphoria fades as

Barclays South Africa to

Fed funds tighten ®

iilitv

- S

:• :• := ar

_\.V.

ii U=i:^
ic

k Us**
, Ijsd^
c jisiied

i

FI !

: -r;^

■

I

^i.<S 4 i

i

IptJS

RECENT . rally in tho Hie onslaught aids tip to
■ * .credit ‘markets - has come to an another test of the markets’
WaTwiipt bait, at least temporarily, digestive systems and may well
The euphoria with which the . crowd out already cautious
23x&fKetS' embraced ■• the sharp corporate borrowers. Last week
■dftfcline in short-term interest only Sl.lbn of new corporate
•softs' has faded fast. Even the issues were brought tq the
discount rate out last Thursday-' market compared with almost j
Iftras- 'fully discounted ahead of $3bn during the previous week’s j
the announcement bull rally.

1 Tire bond market which had . On a brighter note the credit
“Ofecked' life ' all - week, ended markets have warmly embraced
a^ridsy- on a sour note as short- two new pets— Tigrs, or- tigers
=-tenh interest rates climbed by as the media insist upon calling-
2qip to 60 basis points and the them. and CATS. Tigrs

Fed funds rate traded at around t Treasury Income Growth Re-

BY BERNARD SIMON tN JOHANNESBURG

iiten per cent — ■ significantly ceiptsj and CATS (Certificates
afiJgher than its level in recent of Account on Treasury Secari-

BARCLAYS National' ' Bank,
South Africa's largest banking,
group, has become the country’s
first bank to offer home mort-
gages in direct competition
with building societies. Barclays
is 58 per cent owne^ by
Barclays Banfc; International "if",
the UK.

The bank's move' - is -an
important escalation of the in-
creasingly fierce competition
between banks and building
societies. It comes in the wake
of a sharp drop in the societies'
mortgage advances as a result
of their difficulty in attracting

deposits.

Mr Ron Hayward, Barclays'
"divisional general manager in
charge of marketing, said that,
“we'-tiaw a desperate need in
the market place for * these
funds." -It is estimated that
Barclays is prepared to commit
as much as R500m to home
finance, about the same as the
H building societies -advanced
in the three months to June.

Barclays' mortgages will,
carry interest rales of between
1 ? per- cent -and 19 per cent,
about % per. cent higher than
building society rates, which

are subsidised by the societies’
ability to offer tax-free invest-
ments at relatively low cost.

Nonetheless, the . new home
-I 02 nswill.be- available at a cost
well below prime overdraft
rate, . currently 20 per cent.
Barclays is also offering, larger
■amounts and longer repayment
periods than the societies.

.. Building society official? said j
the .. move may force them to i
raise deposit rates to attract
more funds and protect their
near-monopoly of the home
finance market but this would
result in higher mortgage rates.

seflfteeks.

do.' The : flood' of new 1 corporate

ties) are two new forms of the
old game of coupon stripping —

'draper - dried up as company separating the coupon from a
,E¥reasurers sensed a change in bond and selling the two as
s^ht- tone of the market and on deeply discounted zero-coupon
2 ¥Hday " prices - of government, securities.

KV5

tbe ma.kets fs that the Fed almost $7bn has been launched

— -— zz — andr iris' claimed by 'their pro-"

u.5 . interest rates <v.) ponents, have been snapped up
Weak to week to mostly by institutional in-
Aug. 27 Aug. 20 veStOTS.

Fed. Fund* wkly . . av. 9.44 9.33

3-momh jrea»_ 6.96 - 7.24 . The idea behind the TUrr.and-,

3 -month Ml 9 as 9.55 Tigr look-alikes is that the:

aaa* utility ’ 14.38 u !25 " investment firm- buys Govern-- 1

aa industrial 13.75 13.75 ment securities, places them in ;

Woolworths bid withdrawal row

BY MICHAEL THOMPSON-NOEL IN SYDNEY

U.5. INTEREST RATES (V.)

Week to Weak ns
Aug. 27 Aug. 20

Fed. Funde wkly. . av.- 9.44 9.33

3-momh -Treait—'bHi*..: 6.96 -7.24

3-month cd 9.85 9.55

30-year Tree*, bonds .'12.23 12.25

AAA utility 14.33 14.25 '

AA induatriel 13.75 13.75

Source; Seiomon Bros. {Bstmwje*). a bank on trust and then sells
- 8 ‘ ^ -1 re “ receipts against both the princi- i

m4bn ■ to •S4S3.3bn. pa j and against the interest !

e*r j ■ ~ paid out by tbe Treasury. There

‘ a&as- decided, that the decline in are two forms of Tigrs, callable ‘
interest rates has gone far Tigrs which represent claims
e enough — at least for the present, against the principal portion of
■jnEhat.view was given added the bond, and serial Tigrs
strength by Dr Henry Kaufman, which represent claims against
„tbe Salomon Brothers econo- the interest paid by the

WOOLWORTHS OF Australia,
which on Friday mare a sur-
prise — withdrawal - from- its
A$I86zn (U.S4182Am) offer for
rival retailer. Grace Brothers
Holdings, is to make an an-
nouncement to Australian stock
markets' this morning.

This follows separate meet-
ings between Woolworths and
Grace Brothers with the
National Companies and Securi-
ties Commission in Melbourne
yesterday to clarify the legal
position affecting Woolworths'
withdrawal..

Woolworths withdrew after
Grace Brothers announced a
- 24;8 per cent -fail in profits for
the year to July 31 , to
A$13.S7m. Mr Michael Grace,
chairman of Grace Brothers,
described -Woolworths* man-
'oeuvre' as “unbelievable."

Woolworths said: " The extent
of the Grace Brothers’ downturn
would make it exceptionally
difficult for the merger com-
panies to quickly bring about
the operating and financial
benefits on which the bid was
structured."

• The withdrawal came only
hours after the bid had been
accepted by"a clutch of heavy-
weight shareholders. These
were Savona, backed by tbe
Singaporean hotelier and deve-
loper, Tan Sri Khoo Teck Puat,
Bond Corporation, the Adelaide
Steamship Group, and lh.e. Grace
fainily interests — each with
about 20 per cent. . .

Woolworths . itself already
controlled almost 7.3 per cent
of Grace Brothers’ capital and
its action has roused bitter I
controversy'. ‘

Boliden
slips into
the red
at midway

By William Dullforee in
Stockholm

BOUDEN, the Swedish
metals and chemicals group,
reports a first half pre-tax loss
of SRr 112m (S18.2m) against
the SKr 125m profit earned in
the first six months of last
year. The earnings plunge is
attributed to the sharp fall in
income from metals trading,
a lower return from transport
operations and a powerful
surge in costs.

Turnover declined by
SKr 496m to SKr 229bn but
the sales figure for the first
half of 1981 Included
SKr 552ra from Supra, the
fertiliser company which has
since been sold to Norsk
Hydro. An unspecified extra-
ordinary income of SKr 37m
reduces the half-year loss to
SKr 7 5m.

Boliden has. revised down-
wards Its 1982 earnings fore-
cast for the second time this
year. It now expects to make
a pre-tax profit. Including
extraordinary items, of
SKr 40m in the year as a
whole. This compares with
the SKr 303m recorded last
year and - SKr 430m in 1980.

The anticipated profit
slump is blamed on low metal
prices, higher production
costs and increased financial
charges.

Sime Darby profits
dip but payout held

BY WONG SULONG IN KUALA LUMPUR

SIME DARBY, Malaysia’s
biggest non-oil company, reports
reduced profits for the year
ended June 1982 but is to main-
tain its dividend. .

Net profit after . rax and
minority interests, was 92.6m
ringgit, representing a decline
of 25 per cent. Turnover rose 3
per cent to 2.73bn ringgit

The group had extraordinary
profits of 4m ringgit, compared
with 167m ringgit last year
when it sold its investments in
Highlands and Lowlands,
Guthrie Corporation and Amoy
Canning.

Half-way through 1981-82.
Sime’s pre-tax and net profit
were -103m and 41.4m ringgit
respectively. representing
declines of 17 and 39 per cent.
The improvement in the second
half came from better perform-
ances at the Tractors and

Western divisions, and tighter
control of costs.

Robert Bradford, the Western
division insurance business,
which . incurred . substantial
losses, together with.- Guy
Butler,- a money broking firm,
were snld in June, An extra-
ordinary loss of 11.9m ringgit
was incurred, in addition .-to- a
provision of 29.4m ringgit,
taken agoing reserves, Jor run-
off costs

Sime is to pay a final divi-
dend of 6? cents, making an
unchanged IO.S cents for the
year after adjustment for a
one-for-four scrip issue.

However, final dividends at
Consolidated Plantations and
Traciors Malaysia were . cm.
reducing payments to 14 3 and
30 cents respectively for tbe
year. Last year’s payouts were
18 and 37.5 cents respectively.

Sasol raises earnings

BY OUR JOHANNESBURG CORRESPONDENT

SASOL, the South African oil-
from-coal producer, reports pre-
Tax profit 23.4 per cent ahead
at R347.8m (£3 05m) for the year
ended June. 1982.

The Sasol Two synfuels pro-
ject came on stream in the first
half of the financial year while
the third phase of the project,
Sasol 3, is scheduled to start
producing liquid fuels shortly.

Sasol 2 was brought on stream
within its original budget of
R2.5bn and Sasol 3 is expected
to be completed within in. bud-
geted capital cost of J?3.3bn. -
A total dividend of 24 corns
has been declared from earnings
of 53.2 cents a share. For 19S0-
1981 earnings were 44.4 cents a
share from which a total -divi-
dend of 20 cents was paid. .

INTERNATIONAL APPOINTMENTS

who -said- on Friday that Treasury on the bonds.

t e- Fed Funds rate -may stop
lling or- even rise iri the short
rm -producing a short-term
£ price setback in the capital
.markets . .

The $1.4bn increase in the

The serial Tigr does not pay
any regular interest. Instead
the investor buys the receipt
at a sizeable discount and
receives a single lump sum pay-
ment representing compounded
interest- 1 payments when the

wnoney supply announced on * interest- 1 payments when the
•Jlfriday was more than the Tigr matures. 1

® 8 l ke ] s «> ha ^SSSl^ The investment, firms- selling

Trashed Ml wiTWflrS3tTOffi- of the ^ the issues because

2L* end At° f »h?«mf d t S i«,L ar fifi they can earn a handsome profit
range. At the same time the on the difference in tbe cost of

' the Treasury securities and the
ra.-nasty reminder of the Federal orice tiiev c&n eet fop" ■

hurtppf receipts. ' The Treasury . is kept
r d *** : 8 i>ud ^ ef . happy ' because they increase

P^ clt : . . . _■ .the demand for'its notes-.

* Beginning today the Treasury^

Ojflans a series of rapid-fire' Two major uncertainties per-
-a u ctions: — Firsr" f r~ plans -to - sist "however. Tirst' is the ques^
auction a total of Sllbn in tion of how the issues will fare
. entree, and- six-month- notes:' if interest rates do -tindeed
‘ -tomo rr o w- w i l tisee $4fbn iiTfive'-' 'ste Wise "or start to harden. Tffe
year notes; on Wednesday it second is whether a lively
tfgjll auction *4ibn of; 13-day secondary market will develop
• cash management bills; and, pn for tbe receipts.

Thursday a further $7bn"m one- « '

. year bills.

New directors
for Chase
Manhattan

• Mr Philip Caldwell and Mr
Ralph E. Ward have been elected
to the board of THE CHASE
MANHATTAN CORPORATION
adn THE CHASE MANHATTAN
BANK, N.A_ from September 1.
Mr Caldwell is chairman of the
-board and chief executive officer
-of Ford Motor Company. Dear-
born,' Michigan; 'Mr 'Ward is
chairman of -'the board, president
and chief executive' officer of
C-hesebrough Pond’s' Inc.. Green-
wich, Connecticut. '

• Mr Terry S. Boyce : has oeeu
elected vice presidentr-human
resources of ROCKEFELLER
CENTERS INC. Mr Boyce was
vice president — human resources
for AM • International, Inc.

• Mr WflHam H. Boyle has been
named vice-president of
financial- marketing, -for. tbe—

FEDERAL

MORTGAGE

HOME LOAN board chairman of the Swiss
CORPORATION chemical- company SIEGFRIED

(THE MORTGAGE CORPORA- AG, Zoflngen.

TION"). Mr Richard A. Reed has
been named vice-president of
mortgage marketing. Mr Reed
was formerly director of
mortgage programmes.

• NATOMAS COMPANY has

O Mr Robert A. Hanson, presi-
dent,. has been elected chief
executive officer of DEERE &
COMPANY. He succeeds. Mr
William A. Hewitt, who has been
nominated as U.S. .Ambassador

manager— coal for B.P. Aus-
tralia.

# Mr IV. J. Benson has been
elected a director of NATIONAL
BANK OF NORTH AMERICA.

appointed Mr Bill Moffat senior to Jamaica. Mr Hewitt will
vice-president forNatomas North remain as chairman_gf Deere
America. He will oversee Compahy ~unul he is sworn in
accounting, control, sytems, long- as Ambassador.

“VL 011 • ** tennis H. Eastland has

marketing ■ for tnc Natomas -imnfiri Pttftrnw - tmtitt?

petroleum subsidiaiy based In NATIONAL INC. in-Des Plainer

as direc^ of 0f marlCet '

planning in the company's ^ .L, ™ ^ r J

corporate- development division,- - • PETB.OLANE INC. has elected -
and was named vice-president of Mr B. Bruce Baldridge, executive
the division in December 197B. vice-presidept, to its board, of
. ; ... direct or?- _

„ dri n D • M - LM - HOLDINGS has

Mr appointed Mr Roger Marshall

de,C ‘” P ' Coillwille OG.1 CinSKFpw '

ment department. . Newlands Coal Pty. Oak>'' Creek

• Mr John Strasser has sue- Coal Pty and Abbot Point Bnik-
ceeded-Dr-Haos A. Siegfried -as— «oaLPtyr-M^MarsheH-is-i^neral-

Mr W. J. Benson.

He is group chief executive and
a director of National Westmins-
ter Bank; NBNA^s parent bank;

• SONY CORP. of .America has
appointed Mr G. A. Schnpp, vice-
president of Zenith Radio Carp.,
as director of its research labora-
tory in New Jersey.

• Mr Werner K. Key. proprietor
of Schweizerische Metallwerke
Selve Holding AG. Thun, has
joined the board of ATELIERS
DE CONSTRUCTIONS MECAN-
IQUES, Vevey. Mr Bey recenrly
became the major shareholder of
the company.

• CANADIAN AMERICAN
BANK has appointed Mr Henri
de Cnmy-Chanel its managing
director and chief executive
officer. He replaces Mr Jackson
L. Schutte who takes up a
new appointment at Northwest
Bancorporation. the parent of
.Canadian American Bank. Mr
de Crouy-Chanel has been
managing director of the Luxem-
bourg office since 1979. He plans
to maintain his headquarters in
Luxembourg. The representative
office iu London will be directed
by Mr Charles E. Meech,
managing' director, who has-been

in London since 1974 and with
the parent Mnce 19611.

• The M. \V. KELLOGG COM-
PANY and RUST INTER-
NATIONAL CORP. both mem-
bers of the Kellogg Rust organi-
sation. have made several
changes: Mr David R. Rozrndale
has been named executive vice-
president and chief operating
officer of Kellogg Rust, transfer-
ring to Houston from Birming-
ham, where he had been presi-
dent of Rust Internationa] Corp-
Mr Rodney c. Gilbert has been
appointed president of Rust. Mr
Donald C. Vaughn has replared
Mr Gilbert as executive vice-
president of Rust. Mr Gary D.
Jones has been named president
of M. W. Kellogg Constructors
but remains president of Rust
Engineering Company. Mr Frank
ML Shipman. Jr. chairman .of
Kellogg Rust and of The M. W.
Kellogg Company, has assumed
responsibility for all sales opera-
tions' of the worldwide Kellogg
group of design, engineering and
construction management, com-
panies.

FT INTERNATIONAL BOND SERVICE

U.S. DOLLAR

STRAIGHTS Imim

Aaina Ufa 15 86/97 ... 150
Amax int. Fin. IB 3 * 92 75

Am** O/S Fin. 14>, 89 75

ATT. 1«, 89 400

Bator Int. Fin. 0.0 92... 225
BMP Finine* 14*. 89... 150
Bk. Amor. NT- SA 12 87 200
Bk.- Montreal 14*, B7-«., 500
Bqu*. Indo Suez 15.89 700

- Chan;)* on *

Issued Bid Offer day wank Yiald
150 106 105*, -O’. +0*. 13.02

75 102L 102 s * +0\ —2 s , 15.67

75 100 100H -0 s , 0 14.14

400 105 10SS — Ot. -0 s , 12JB#

225 28 s , 28 7 , +0S +0>, 14.08

150 lOO** 101S +OS -IS 14^6
200 96 s , 97S —OS -OS 12.89

100 . 9BV 100S —OS +OS 1AA*
100 ' 10QV101S -OS +0**14.71

" Chang* on

laauad Bid Oflar day waak Yiald

YEN STRAIGHTS laauad Bid Oflar day waak Yial

EIB BS 92 IS B7S 98 s * +OS 0 8.57

. Int-Amar. Daw. 8 »*• 91- .15 tIOOS 101 r , -0 s , -W 4 B.B4
Japan-. Airiinaa 7S 87...'. >9 96S BBS 0 +0S 8.83

-Naw Zealand 'BS S7 ... 15 99S 100>i 0 -OS 8-36

World Bank 8S 92 20 98 r . 98 s , -OS +0S 8.48 |

Average price changes. .. On day —OS on waak '+0S

aqua, moo suaz lo-.as ibulW, -nm i*.m

Smith Co). H yd. 1**4 99,300 . IMS «S* -OS +«. 13.M
British Col Hyd: 15>4 92 150 105 s , 106 s , -OS -fOJ, 14.05

* Chang* oil

EUROBOND TURNOVER
(nominal value in 5m)

U.S. $ bonds _

[Last week...... . 6,360.4 13,579.4

AH th^Boiris have been saliilhiscmnouzicamenf appeara asamalter of record cmly.

Canada MS 87 750

Cinadak- 15S 87 150

Canadian Pac. 14 s , 92 75

Canv Pac. Sac. 15 89... 75

CIBC 18 87 MO

Citicorp O/S 15 84/82 100
Citicorp O/S 15H 85/97 1»

CNA 15 s , 97 7S

Con-/ Illinois 15S 89 ... TOO
Deutsche Bk. F. MS 89 300
Duka Pwr. O/S 15 s , 89 80

ECSC 14S 87 (AprH) ... 80

EIB 15S 89 ISO

EIB T5S 92 - 100

Eksporrfinans 14S 89 . - 50

Gan.- Elec. Credit 0.0 92 400
Gan.'Elac. Credit 0.0 93 400
Getty Oil Int. 14 B9 ... 125

GMAC O/S 15S 85/97 100
GMAC O/S Fin. 15 89 125
GM/VC O/S Fm. 15 87 100
Gull Canada Ltd 14S 92 100

Gulf OH MS. $4 17S

Gulf ' Oil Fin. 0.0 92 ... 300
Maw Brunswick 35S.87. ' 75

Naw Brunswick -*6S -S3 7S

Nov* Scotia'-pr, 15 s , 89' 75
Ontario Hydro 14* SB. ISO

104 s , 105S -OS -OS 1-91-
105S 106S -OS +0S 13.72
100S101S 0 +1S 14.37

TOO 100S +OS +71, 14.93
100S 101S -OS "+OS 15-62
102S 102S '-OS.+0S 13.14
103S 103S 0 -0 s , 13.70

106S 107S -OS +OS 14.64 .
9SS 98 s , -OS +«S IS-®.
101S I® +1S +1S 13.84 .
IMS IMS -OS +0S 14.37
102S 103 s , -OS -OS 13.72
105S 106 s * -OS tOS 14.07
1 05V TO*. -OS. 0. 14.36
101 s , 102S —OS +OS 13J*

' 30 s , 31 — O —0»4- 13.28
27 27S 0 —OS 13.22

104 s , IMS' O +0S1231
102S IMS -OS 0 13 ^
1037. IMS -OS +0S 13.97
103S 104S -OS +0», 13.W
103S 103S -OS +1S 14 00-
102S 102S -0*4 +0*. 13.75
30 s , 30 s , -OS -OS 13-24

. IMS 106 . +OS +1S 13.P4.

■-J106S- 107S —&t -FO 7 , 14-48- -
100S 101S 0 +1S 14.90

TOSS 10SV -OS +0S 13.«

OTHER. STRAIGHTS . laauad Bid Oflar day .WMk Yreld Previous week 5,636. 8 1 9,920.8
Ball Canada 18 89 CS... .100 tt<»S 101 ■ ■ +.0S +0 S , 16.81 Other bonds

Br. Col. Tal. 17S 88 CS 50 T102S 1M +1 + IS 16.49 Last week 808.5 390.0

Can. Pac. S. IBS 89 C$ 50 tIOOS 101S +04 +1S 1B.05 * T,' "t 7*8 ^. cm?

Can. Utllitiaa 17 B7 CS 35 +102S IMS +0S +1 16.22 PreriOUS Week 7td.3T b3L.l

Gaz Metro. 17S 90 CS... » fTOOS 100S +2 • +1S 17.09 + p flur WD rkinEr dftVS onlv

OKB 16>^B CS 1 63 tIOOS 101S 40 s , +1 46.92 rour wuriung ““J- oni>.

Q. Hyd. 1B», 89 (MJ CS -50 tl DOS 701' +0S +1 16.24 -

unrano nyaro w... -raw

Ontario Hydro 1fi.93:j-..' -150- tp5V.10BS.-eS +0SJS.M
n 4 ... -.T-T- u. -ac - n Q 14.76

Pac. Gas A 0. 15S 8T '45 f02S 1M 0 Jr 74-76
Phil/fpa Patrol M 89 ... 200 IMS IMS -OS +1 13-«j
R.J. Rynld».-0/S ; 0.O 92 400 ^)t 3p\ -OS “JS «.40

Saakatchawan P.d & SS .150 . : JMS- RML— O
Shall Canada MS 92 ... IS 102S 103S -OS +1S 13.78
Suoarior O/S Fia. 14 89 126 100S IMS -OS +0S 13.75

Swed. Exp. Cr. 15S-05 100 .-.103 s , 104S -OS +Wi M «
Swat). Exp. Cr.'T4S‘'9Cr TOO 10OVTO1S 0 +®j*

5 wad. Exp. Cr 0.0 94 200 21S 22S -£a +^»

Taxaa Eaatarn 15S 89.. 60 1**$ 1M -«■ + JH

Union Carbide jtUUH ; -lOMaimy-sOS +0S 13. W
Alaife Fargo fm. 15 87 75 IMS IMS -OS ^ **.84

<Wor|d Bank 14*, 87 ... BOO 101», IMS’ -0 s , “OS 13 »
WVo/ld Bank' 15 1 ,.' BB'.#.-

World Bank 15 87" 2S0 'IW 1 ^' '2

World Bank 15 88 150 IMS 1DSS -OS 0 13.70

Avarege prJc* ctwigoa... On. day -OS on waak +ds

ssrvw: ss s-sks

U. Bk. Nwv. 9S 90 EUA 18
. : A'mro Blf. TO' 87' fM) FI ISO

• Amro- Bk. TO 87 (A>- Fi 75
Bk. Mau S HI 10 87 Fi 75

EIB 10 87 fl 75

Ireland 10S B7 FI 75

OKB 10 s , 87 FI 75

' OKB M 80 FFr ;. 400.'

...Solvay at C. 14S 88 FFr -200
BtnaflciaJ 14S 90 X fD) .20

BFCE-14S 87 30

BNP 13*, 91 C IB

CECA 13 s , 88 £ 20

Fiit. Ex. Crad. 13S 88 C IS
Gan, Elec. C.Q. US 89 £ 60

Hiram Waltor 14 s , 88 £ -25

Horak Hydro. 14S B7 £ 30

Privatbapken 14S 88 £ 12

• Quebec -1SS B7 £ 35

Q'uSba'c Prov. 14S B9 £ 30

Read fNd) NV IBS 89 £ 25

Royal Tniateo 14 38 - 12 .

SDR France 15 s , 92 £.;. - 30
Swed. Ex. Cr. 13*, 88 £ 20

Tannaco Int. 14S 87 E 30,
Eurofima IDS 87 LuxFr 500 -
EIB SS 68 LuxFr «» "

FLOATING RATE
NOTES

9SS.96Y 0 +0SUU4
100S 100S -0>, +1 9.B3

100S-100S--OS +0S 9.86
99S 100S +OS 0 10.01
99S100 + OS +0», 10.08

99S ■ BBS 0 0 10.63

1001, 101S +0S +0S 10.2?
94 . 96 tf —0 s , 16.09
94 s , 96J. O — OS 1«-72
94S 95S +0S -OS 15.31
106S106S +0S +1S 12-59

* No information available-
previous day's price.

t Only one market maker
supplied a price.

Province of Newfoundland

Allied Irieh SS 92 OS 98S 99 15/10 15.68 15.89

Bk. ol Tokva 5S 91 fD) OS 100S 10OS 8/12 15 s . 15.17

Su S "STRAIGHT BONDS: The yield

106 S 1 O 6 S +os + 1 S 12-59 the yield to redemption of
101 s TO 2 S +o>, +is 13.10 the mid-pnce: the amount issued
103 im +os +iS 12-82 is In millions of currency units
tMS IMS 0 +M, i2.ra except for Yen bonds where It is

imj'iSs + os + 1 S 12 M in billions - Change on week =
iSs IMS -JS *1 iIS Change over price a week earlier.

lE; iSs 4s ift SS ^-FUOATING RATE NOTES:
101 s 102 s +os +iS 14 -oe Denominated in dollars unless
107S iobS -os -o», 14.66 otherwise indicated. Coupon
+^ f2. l^Z® shown is minimum, C.dte-Dare 1
ims im** -os — ne,rt c oupon becomes effective.
101 s IMS 8 +os 14*22 Spread = Margin above six-month I
97S 98 s , ■ 0 . + 0 S. 11 ..H offered rate '.(t-tbree- month ;
MS 95 s , “ 0 11 .M § above mean rale ) for U-S.

dollars. C.cpn = The current
Spread Bid Oflar C.dta C.cpn C.yjd rfUPpn. C.i'ld = The current

aal_ AQ 1CMA 1EU 4 EL DO yiCJll*

(Canada)

. 75,000,000 U.S. Dollars
15)6% Bonds due 199D

Bk. Nova Scotia 5S 93 OS

BFCE 5 s , 88 ■ OS

BFCE SS 87 . 0 s .

Caissa Nat. TeJa. SS 90 OS

CCCE SS 2302 OS

CEPME 6 s . 92 0 s ,

12H »/iri iss TO M. CONVERTIBLE BONDS: De-
os 99 s MS 28 /io is is!« nominated in dollars unless

oi. 100 s 100 s 27/1 14 13 J5 otherwise indicated. Chg. day =

99 s , ioos- 21 /io 16 S TO .77 Change dd -day. Cnv. date = First
9es 98S 11 /1215 s . iB.Tjs d a te for conversion into shares.

Credit Commerdal de Franc©

Dominion Securities Ames limited

S Cnv.price=Nominal amount of

. Chemical. NY 5S 94 *OS . MS «S 23/B 16.69 16.86 . h pyrirpcspH l n

Credit Agricola 5*4 97... OS.'... 9&S TOO. 24/9_ 16.44 15^43 PPP d F®T. . sn ®^

- credit a 2 — w* 100,s 101, » m/m i*-»i 16^7 currency- of share at conversion

Credit Lyonnais 5 s , 97... os 991,100 1/1016 18.04 rate fixed at issue. Prem = Per-

Credit Lyonnais 5S 94... os loos 101 S 1/1 16.94 16.79 centage premium of the current

Austria 8 S 92 100 B 6 S 97 +«. +V, 8 .M

Sarclpya O/S Jnj.8S.94. 100 +V, +».*■»

Sow, tar Int «n.- 8 S 89- ■» 96S-b6S +^» t{* ff?

Caieaa Njt. Tala. 9S 92 100 101 s . IMS -«• +^» *

:«n*d#- 8 s: 89 200 . m i.m\ +os ■

:«np, Tal. Eap, 10S 92 100 100S IMS 0 +OS 1AM

M Fondar SS 92 ... W * . T* +3 . ‘

Sanmark «S 92 ...: 100 WS lMV+OS+Ot, 9.81

■DF .‘‘ 9 s , 92 100 100S 101S 0 0 9-CT

:IB 8 S 92.,.:. . 100 96S , 87S. .+JS +0S 8^0

nf-K., Oav. Bk. 9 92 150 - ' 98S +%* +-JJ *J|

<acnl. Fhwnciam H 90 ISO .- .90 , 90S 0 -IS 13.W

4or*k Hydro 8 S 92‘ . 100 » +«*» t ^ 1 2S

*hilipa Lamps 8 S 93\„ K» 1 M, » 'SI* + ^* -JS* 2'm
»hiyg Morria gSr » : : ipa 1« W J; Jg

7uabac 10S 92 150 102 s . 1«N

fenla 10 92. 300 MS 10M, +W, +JS 9^

»»CF.es .93 ... i«' +L‘ 'S :

• ‘auBMuiubahh 9 s , 94 50 IMS]® •“

fenwco IHPfn ^100".99S1W, +OS
Morld Bank 9S 89 ....!. WO IMS 7MS +£» JJJ

World Bank 8S-32 200. : J7H .M - 0 s , + 1 V- W

Avaraga dries dtMge*.'.'. tin day +OS ' w* "f** +tP *

twins frUic Chang* en

nSSKimr? - i- ■ haired ■ «M- -Ofl^

W Canada 6V32 ...... -100 102 IMS +0S .

yian Dav. Saak 7 «.,<■- wo . -OS - 1 S.JTO-

\aea\u 7VfcT..... 80 S3 0 ^

'« tot J*wsfa-2 92 m; tTOOS 13 -OS 0
;-«wn Zellarbach 6^.92' 100 ' 100 s , lOOS +«* 5'®

Hifcaanrt 7S V 92 ..WO.; : 101S 1«S “Wr +J*..

n d. Fund. Finland SS 92 30 WO ^
fena* Dev.. Bank 6 'M .. WO 101.S s 01\ S
fanaai €l. fWar 92 ' 1« t 102 ' IMS 0 .+%»
fob*. City 8 S 92 . MO: tlOIS ]02 -Wi +&• 5J5

.omnunlaija TL, 92 .35: IMPS W + ®**- J'H 1

MrhB IniT Rn. 7S 92 - 80 . «5S MS +"« ®

OSK &, 52 700 M . MS - 0 s , 0 6 .K .

hfinaa BS'M -SO 74 2^* 72, Im 1 t is '

fllMBaa O/S F. 7S » 75 102 10ZS +0S +0S 7^

IfwtelaMl'Jjgi..; 100 - 102 s , IMS + 0 S + 0 S

JIppHiYW; 4.T. Pi 92 WO 104S 104*4 +01, +^, 5-87

/Ylf 6 S 92 . .; . 100 ... 99 MV *■£

)!CB 3A, 92: -....:.:..^; '10O. 101SW2^OS -W, «■»
■hil.fr Momt 6 S 94 '.V.-' WO 104 s , 104 s * -OS +», 5,70 .

. l«n«el7V 90 .' 98. MS +«S -V, 8 .M
iakfe^f.Kg. SS 82 WW 70 IMS IMS +«* +0J, 5.«

SSjq ..WO. ■ 98 S MS-OS +. 0 S BM

Worid Bank 7S 82 TOO IM TO4S +0S 0 6.65

fttorega pri ce change*... , On day +‘0S do weak -0S_ v _

Credit Nat. SS 54 90S

Ireland 5»* B9/94 OS t98S 98 s . 25/11 W,- .TS.96

Kan*a/i«s O**to 9S 92 OS 99\ idOV f/Tt 15J1 7B3T

Lloyds Euroffti 5S 93 . . 50 s ,
. Long Term Crad* 5 s , 92 OS
. J. F. Morgan 5 s , 97 ... 50S
..Nat. Watt. Fm. 5S 91. .. JOS
New'.ZeXladd"5S ST- OS

100 s 101 s 23/12 16.81 16^7 currency of share at conversion
99 s , 100 1/1016 ie.D4 rate fixed at issue. Prem = Per-

ioosioiS 1/1 16.94 18.79 centage premium or the current
Jra qo 7 b M /11 141 ” n M effective price of acquiring
99 \ ittov s/rt 15.31 shares vid ■ the bond over the

99 * 4 100 s 29/10 17S 17.13 most recent price of the shares.
»s ii»" i£m u 5 The list shows the 200 latest
too*. ioi>. is /1 i 5 >» ibIos international bonds .for which

99V 99*4 29/11 14*,- 14.B8
99 s , 100 re/11 12.34 12.97
100 V 101 >, 15/1 15 s * 15.0*

99 s , toWi 7 /to 1 R 6 S T5.54 I an adequate secondary- market

Nippon credit 5 s , 90 ... os. m t . ioos 10/2 iss 13.86 exists. The prices over the past

Offihore Mining. 5 s . si os ioo>, ioos 2/12 14.19 i4.io week were supplied by: Krediet-

PKbinton 5 31 ...^ os iws ioiS 17/12 ijLBi to m nv; Credit Commercial de

Scotland .lot. 5 1 * 32 OS 98S P^V 23/9 -16V. 15.S5 p /' , r"*riir I vnnnais' Cnm.

Sac. Pacir.t ss 91 ... .. os 99 s , ioos 24/i 1 to i5.oo France, tirefljr Lyonnais, com

Societa Ganarala 5 S 95 0 s , 99S WS 1/9 15-31 15.41 merzhank AG, DeuTOCbe Bank

Standard ciwrt. -5s 91 os • 99*. i«»s I 8/11 14 s , 14.88 AG; Westdeulsche Lajidesbank

Swndan 5S 89 OS » 99S28/B 15.31 15.43 GirozentraJe: Banque GeneraJe

Toronto Demtn'n . 5 1 * 92 OS ..98V 58V 11/2 14.31 14.51 j[ n " Hixenlhaurg SA; Ranqrxe

Avarege prtc* changes .. On day iron weak -os Internationale Luxeraboure:

CONVHfTlBLE ' Chv. dW. ^ Chg. .

BONDS ....... ... . Bid Offer. day ,Fmm Pierson;’

AiinpmotO'SS 9T 7/BI 333 79 s , 81 -IS B.B9 Cnid«/SwL Credit Bank-

Bow valley. Inv. 8 SS... 4/8123.12 96S 98 -os 47.99 Credit suisse/bwiss ureoii aanK_.

ftridmwttn* Tire 5S 96 3/82 470 84V 80S -IV -0.89 Union Bank Of SwTtzerlanO.

~ 'CONVBtTlBLE Cnv. Cnv. Chg. iiBamana ’Rani- Npderland NV - "

bonds .. ... .. ... Bid Offer. day ,P*m Sri Pierson;'

AjinpfflotO' 5S 9T 7/81 S33 79 s , 81 -IS B.B9 g..i«qe/SwL Credit Bank-

Bow Valley. Inv. 8 «... 4/8123.12 96S 98 -OS 47.99 Credit Suisse/bwiss creaii aauK.

,- godgasttm* Tire 5S 96 3/B2 «70 84V -tfiS -IV -0.89 Union Bank oF Swftzeriana

Canon AS ss l/8i 7384 97s 99*, -zs ojo Akroyd and Smithers: Bank

canon .7 97 7/82748.2 IMS . 111 V ySS -0.B3 of Tokyo International; Bankers

ChdBerPRWftTTSW ... 7/MW6 irv* ires -is o.M international: Chase Man.

Fujitsu Fenuc 4*1.98 ...10/81 5641 -81.. 83 0 25.04 l H . r'lrimm Intemafional

Furukawi Elec, 5S «... 7/W 300 +92 - 93S -as -4^8 rattan. ^tiPOTp. -iDternanonai

Hitachi Cable ss «■ 2/82 bib ssh 87S -i J , 7.13 Bank; Credit Commercial de

Hlwchi Cred. Cpn. « 86-7/81 .J812 S7?a. 69 s , o 9^1 France. I Securities) London;

Honda Motor-5V37 3/82 841 BBS W “O 3 , 6.73 Daiwa Europe N\ f : Deltec

Kawasaki 5S 86..,» 8/BI .229 BV, fi2 -2S 11.26 I So«,Htip s I UK): EBC: First

Hitachi Crad. Cpn. fi 86-7/BI ,1812

Honda Motor 5V 37 3/82 841

Kawasaki 5*4 96..,* 8/81 229

Mirnji 6 8w <■». 7/81848,4

Minolta Cirnara 5 » -. 10/81 328.4

S7V. k 7 , 0 9*1 France. J Securities) "London;

BBS 90 -o*, 6.73 Daiwa Europe NV: Deltec

g* « Securities (UK): EBC; First

0 S, -fs zi M Chicago; Goldman Sachs Inter-

MinoiTI wnrin a wj xrt 1, ti.uu "

Minvco 9S 97-v.~.'.. -- 5/82 8 . 1 B .rans- M +3S.-.iit» national Corporation. H3rnprc.>

Murau 5 S 96 7/81 2168 is 68 s , +o>, 27.02 Bank: IBJ Internatinnal; Kidder

nxk bv 96 7/81 i» .7p. 7iS.r-i -20.41 Peabodj'. Intomalional: Merrill

wippoft Efeetric-SS 97 ... 2^2 8«" "90», ffi =1 6.53 Lynch - " Morgan Stanley Inter-

ts national; 1 Nnrnur, lm ? r n a ti™i:
Sumiiomo Else. 5 s , 97 ... 3/82 577J- 88 s , aa*, -3 2.7B Onon Rojal Bank, Roher
Sumitomo w*j. 5 s * 96.1.W/81 298.i . 59 s , bo*, - is 35.79 Fleming and- Co.;- .Samuel
Swiaa-Bk. Cpn.fiS 90... 9/BO 191 "J3 ‘ '7S ' 'o' 27.92 Montagu and Co.: Scandinavian

Koniahiroku 6s 88 DM 6/82 616 101 S 103S +0'-, 12.83 R an L-- Societe Generale Strauss

Mitsubishi .H_ $• 88 DM 2/82- 263 BO 1 * si s -os 28.54 ■p urn huji; Sumitomo Finance

— .. - — - — International: S- G. .Warburg and

ft Tha Firranciil Timas Ltd. 1B82. fieoraductlon in whola' Co.; Wood GUUdy.

. Bani Brussel Lambert * Deutsctid Giiozontzale-Deutsche Kozamunctibcmk-
Goldman Sachs Intemcrtional Corp. * JKiodietbanl: International Group

McLaodToung Weir Ititemational Uzsritecl * Meznll L^nch IntematLoncil & Co.

- J. Henry Schroder Wagg 8 c Co. Limited » Soci 6 t 6 G 4 n 6 rale de Banque S A.

Union Bank of Switzerland (Securities) Liiiiited

Algamana Bank Nederland N\T « Bauca Conunsrcial® Itabcma • Banos dolGottardo • Bank erf Am eri ca Intomotional Limited
Ban k Cirisra rtllnr^iTTg, Bunjmar (Ovamaga) Ijmiled » Bank Pro Intamatjon a l Ltd. * Bank onbkyo Infxnatloxial Limited
Bankbaus Hennann Lamps ?ismmanciitge&Bllschcrft * Banque Aitdw et Int emotion ale dHtrostlssomoiil (2 AXLj
Banque GOnOxale du Luxsxubotng S A * Banque de Luxembourg SA. * Banqu* dsi Naufllz*. StAhrmboigw; Mallet
. Banque Populcdre Suisse S A Luxembourg * Banque Worms * Barclays Bank Group * Baring Brothers & Co., Limited
Bayeriseho Hypotheken- und Wbchse^Bank Atter^^lischart * BaradscheLand es b qn k Gto—nfagie • Boon; Steams* Co.

Chase ‘Manhattan Limned • Chemic"i Rrmv Mta maHcm nicsroMp « afiCLimiied aucorp International Group * County Sank Limiied
commercial de Prance (Securities) Lurulad * CWdUt Commercial de Franc»-{Suisse) SA * Crtdtt Conu mtnrrl de Belgique-
O^HI nrin^al fttCorrmeiclal * Crodita Cnmmerclale SpA ♦ QetfitSuis»yhst Boston Limned .

TW.THM g/mq yriTino mnttenrTi l imited • DahraEurope Limited ♦ DGBcmkDeuisdwGeriGfiSWSd^ + Dresdner Bank Aktiei^jetsllschafl
' Pp BTftT Rnr ^hrem Lrnnhfa* lnrrirpbmta i l > ’Rurnpoffw Rnwlring Company ! JmllRd * GeBOSSenfiCboffUche Zentcalbank AG Vienna "
Qr gzgn t T rTlt > i mri iimv a** AWifing&witEefagti • Gr imflhieMB Incorporated * . Hamhros Bank Limiled-
-^vmrHri^'rnforrir rfn'nni-r? far grmwrnfe rwittmatfeMvrTSnnlf A • E 3 ddj«F»abodY 1 tats^^ * Zlobzwozt Bonsczi Lltl' co!

LanOrd Pres et Qe * Tphmrm RrofMes gubn Loeb Intemafional. Inc * ETCB International li n iltsd * Ma n u fachiiei s Hm overlirruied
kflrDand Doherty Linked • Samuel Mantaga ft Co. Limited * Morgan Gr«nI*U & Co.Umilod • Morgan Sacaanty Lt d '

- 'tfmqm » Uflsfcdtt. Thomson Limiied * Nomura Intamattongl Limiied • Narddentech eLmde sba n k Glrogentrale

: ' Orion Royal Bank lirrj ted* ri«scm,HeIdimgg:SimsonNy * Htfleld MackaT^oss Limiied • NXfoflucbfldfc Sons Limited
. -ScdomonBrothersInteaigtioncd’ » Sefan^NancbmeyaiiHengst&Ca * SkandingriricaEn s l rild aBaDken *- sodfittfifatoile
SociiWSdqucmaifiedeBanque <*• Svposkn Hapdeljihcmken • gwissBankCotpcuatkmlniemattMi^Umit^ - ‘Tradition Intomational S A
• ' iTr'inr, 'urenvnt MnrxoTTy iid * ‘^tmLdStffiwttlgeiiiK ^ » Y*rains- und'Wesffignk/irieng&M^^

. - • s.a’WtoifurgA'Oilild * T/^aasfcG^^'Bin^pfcV Wbwl Gundy Limited " _

New Issue ♦ August 18 , 1952

O Tha Finanbil Timas Ltd. 1882, fisoraduciion in whola
of 'in part in any term not permitiad without wrmon
conaanu Data supplied by DATA5TREAM imarnaiional.

Closing prices on August 27

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l" 1 \

Financial Times Tuesoay auguae. <*■*. -»•<*»«

The Financial Times Desk Diary is the ideal
investment for 1983. It is the business diary by
which all others are judged and the one that pays
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S

impressive publicity insert of any length from one
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The complete Financial Times Diary raxige

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contains a wealth of information indudiiig2d r ;
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comprehensive UK and London guides. The - -
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yean There's even a handy loose-leaf note holdec. -
The Address Book completes the set with
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Supply and demand

Last year demand exceeded supply.

To avoid the possibility of disappointment why not

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toyou?

Post to: Diary Department , The Financial Times Business
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I understand that if I am riot totally satisfied with my
diary, I may return itwithin2S days fora fuUno-questions-
asked refund (not applicable for gold-blocked items).

Please send the following

Price Quantity

Desk diary, black leather

£40.54

Desk diary, burgundy leather

£27.89

1 Desk diary, black simulated leather

£15.18

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£9.43

HI Pocket diary, burgundy leather-

£8.17

-Pocket diary & wallet, black leather

£20.93

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£18.46

Address book, black leather

£20.76

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• ^ Knan^T^ Diary re Rynun and othersdeerfalons,

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Financial Tinies Tuesday August 31 1982

BUILDING AND CIVIL ENGINEERING

Approval for KWU
‘convoy concept’

KRAFTWEftK UNION . AG
< KWU),. West' Gennany's lead-
ing nuclear power plant
designer and builder, has finally
received a green light for its
strearhMned nuclear plant , plan-
ning procedure,, the M convoy -
concept," which allows for the
design and building of a series
of stations based on the same
basic plan.

Until now ill West German
nuclear power stations have
been built on a one-off basis to
meet the specific safety require-
ments of the individual site and
the level of technology avail-
able at the time of its concep-
tion. Moreover, the original
designs have been subject to
change throughout the construc-
tion period in order to incor-
porate the latest advances in
safety and operating technology.

This has generated significant
time delays and escalated con-
struction costs. It has also made
it virtually impossible for the
nuclear construction industry to
standardise its technology and
led to an explosion In planning
documentation.

In 1974, for example, the
Biblis nuclear, power station
needed 2,000 planning and
design documents. However, the
Grafenrheinfeld nuclear power
station, commissioned this year,
needed 15,000.

To overcome these problems
KWU proposed a standardised
construction programme

whereby a series of nuclear
power stations could be built
over a limited time scale to the
same basic design.

This it was argued, would
enable more rapid approval by
the relevant licensing authori-
ties and enable the designers
and constructors to produce
more rational, standardised
designs and work practices. The
result would be faster construc-
tion time and cheaper construc-
tion costs.

KWU presented it convoy-
concept to West Germany’s
Federal and State authorities
for the construction of a series
of six nuclear power stations
and approval was expected in

February of this year with con-
struction- of the first reactor at
Bablis starting in .the spring.

But stiff opposition from
environmental groups and some
parts of government delayed
final approval until this month.

A$ a result site preparation
work has now begun on the first
convoy nuclear power station —
a DM 5.4b n (£1.25m) 1,350 MW
pressurised water reactor at
Oh u near Land shut. Known as
Isar 2, it is planned to come on
stream in 1988.

Approval has also been given
for a second convoy station at
Emsland where work is to begin
shortly. Approval for two other
stations in the series, at Neckar-
Westheim and Biblis, are antici-
pated later this year.

The leading project developer
in the Isar 2 station, at 40 per
cent, is Bayernwerk AG and a
further 10 per cent is taken by
its subsidiary Energieversor-
gung Ostbayern AG. The
remainder is split equally
between Isar-Amperwerke and
Stadtwerke Munchen.

On the construction side,
accounting for. 20 per cent of
the total project, the. leading
contractor is Dyckerhoff &
Widmann. Other contractors are
Hochtief AG, Heitkamp GmbH
and Bilfinger + Berger Bau-AG.

Although the convoy concept
was developed mainly to meet a
West German need, KWU is
hopeful that the experience -will
help it gain foreign contracts
when the world market for
nuclear power picks up again.

According to a KWU spokes-
man West German nuclear
power stations offer a 10 per
cent greater availability than
either U.S. or French built
plants, but that KWU cannot
compete with these countries on
the basis of price. Lessons
learned from the development
of the convoy concept, which is
largely based on the French
system of standardised nuclear
plant construction, could help
KWU to trim its costs on
foreign contracts without cut-
ting corners.

TOM SEALY

Back to nature— American style

THE DEPRESSED US. housing
market has forced some Ameri-
can home builders to do rather
strange things, such as trying
to sell log cabins to as equally
depressed European housing
market Until recently, log
cabin construction in. the U.S.
was undergoing a major revival
encouraged by the "back to
nature " ecology movement, the
socially mobile high-income
earners looking for a trendy
“country seat." and first-time
buyers looking for a hospitable
Initial step onto the housing
ladder. High interest rates and
the subsequent recession have
suspended aU of that

When tilings are bad at home,
you naturally look further
afield and, when it comes to
long cabins, well surely Europe
(the true originator of the log
abode) is a safe bet. Or so
some people thought.

One disappointed and per-
plexed log cabin manufacturer
who recently visited Germany
summed up the European re-
action thus: “ Back home we
think it’s romantic getting back
to our roots. but here
a lot of people think
Its plain primitive —
something that went out of
fashion with the Vikings. "

Another manufacturer, Green
Mountain Cabins of Chester,
Vermont, suggests that the

UK CONTRACTS

relative scarcity of wood in
Europe is a natural handicap
to log cabin popularity, and that
not one of their quotes has
materialised into a European
order yet. Doubtless, some
head-scratching and accusations
of poor marketing follow every
unsuccessful foray into new
markets, but the key problem
is that Europeans view log
cabins as vacation homes and,
as such, do not have the same
advantages of caravans/mobile
homes.

Advantages

The Americans argue that the
advantages inherent in log
homes itfae term “ cabin " is
little used in the industry since
many potential customers
closely .associate it with
“ shack ”) are those very things
which many people seek, and do
not find, in modem houses such
as speed of construction, low
maintenance, high energy con-
servation. low total cost, poten-
tial for large DIY element in
the construction and a flavour
of individuality in the fiipshed
product.

Log houses appear in multi
tudinous forms. Daring handy-
men witir a lot of time and
timber on their hands can lit-
eral Jy hew one out of the sur-
rounding landscape, whereas
the less adventurous with moire

money to span can buy their
Daniel Boon e-style abode off
the shelf from over 25 major
log cabin manufacturers in the
U.S. The kits can range from
simply 60 or 70 graded logs to
packages with all the interior
timbers supplied.

A precut kit form
log house of about 1,000
square feet floor area will
require between only Four
to 10 days for assembly. Large
floor areas ami site conditions
will extend the time marginally.
The primary design constraint
in log house construction is the
length of the individual log.
Anything above 30 fr. in length
is difficult and 1 more costly to
obtain in sufficient quantities
for a large structure.

Once the logs are in place, a
water repellant is applied (and
renewed every 3-5 years) while
most manufacturers recom-
mend that an oil based pene-
trating stain be used also
(every 5-10 years) as added
protection. Following this
maintenance programme-, a
log bouse will have an esti-
mated life span of 100 years,
industry sources shay.

Low maintenance is major
attraction for many American
elderly couples who purchase
log cabins as' retirement homes,
according to "Lynn Marshall of
Green Mountain Cabins, who
says the most appealing aspect

Lovell companies win £8m plus

OVERSEAS CONTRACT

BALFOURS has signed a contract
in association with Saudi Arabian
consultants Dar A1 Riyadh to
study and update sewerage and
stormwater designs for the city
of Tabuk.

Previous design work carried
out by others in the mid-1970s
is to be revised and updated to
cater for increased population

densities and water use. The
consultants are to prepare fresh
designs for additional develop-
ment areas on the city outskirts.

The sewerage treatment facili-
ties originally planned are to be
relocated some 20 km outside
the new city limits, and work
on the preparation of a pre-
liminaty engineering design
report has now started.

COMPANIES in the LOVELL
CONSTRUCTION group have
secured more than £8 .2m worth
of new contracts with Farrow
Construction winning the bulk of
the work.

At Watford. Farrow has started
on a four-storey office block for
Alliance Assurance under an
83-week contract worth £4. 5m.
Developed for the client’s own
use. this is situated on the corner
of Clarendon Road and St John's
Road and will include an integral
car park on five levels with space
for 1S7 cars.

Other work for Farrow is a
£2.3m redevelopment at Wigmore
Street for Howard de Walden
Estates, and £1.5m worth for
Barclays Bank at Ealing Broad-
way.

In Holborn, where Y. J. Lovell
(London) is building a £7.Sm
development for Prudential
Assurance, the contractor is now
to fit out the bank included in
the scheme for Barclays which
had a branch in the previous
buildings here. ^

BOVJS has a £3m contract from
Hewlett-Packard to fit out a build-

ing at Wlnnersb Triangle, Win-
nersfa, Berkshire. The company
is responsible far the design
management and construction
and has already started work
with completion expected in
March next year.

The job involves fitting out an
existing 110.000 sq ft building
to provide customer support
facilities including electronic
workshops, admin offices, plus
staff and social facilities.

Except for the warehouse area,
the building will be finished to
office standards with suspended
ceilings, demountable partitions
and vinyl or carpeted flooring.

Services will include air condi-
tioning and sprinkler fire pro-
tection.

★

CHESTERFIELD’S new central
library in New Beetwell Street
is being built by FORD AND
WESTON at a cost of £2. 5m, The
3.960 square metre, six floor
building, is said to incorporate
many • unusual design features
and linked to any adjacent shop-
ping centre, it will be one of the
largest and most modern struc-
tures of its kind in the country.

MEMBER OF the Aberdeen
Construction Group. ALEXAN-
DER HALL & SON (BUILDERS)
has four new awards together
worth £JAn, split between oil
related companies (Shell and
Stangate Weld-All) and local
authority work (20 houses for
Badenoch and Strathspey DC>.
The company also has a deal to
build an advance factory at
North Kirkhill for Grampian
Regional Council.

HARPER & TUNSTALL has won
an order worth £77.000 for dye-
line and micrographic equipment
and supplies for the £400m
ethylene plants being built at
Mossmorran, Scotland. The order
was placed by the Lummus Com-
pany which is building the plant
for Esso Chemicals.

PRESS CONSTRUCTION has
won a contract worth £600.000
to carry out phase-two in the
construction of the fully auto-
matic feedstock heat-treatment
plant at Cadbury's Marlbrook
factory near Leominster.

of a log house, however, is its
energy efficiency.

A nine-inch diameter seasoned
log wall, according to Steven
Winter & Associates, a New
York building systems consul-
tancy, will have an M R " value
(or resistance to heat flow) of
11.7. A standard conventional
wail with S$ inches of fibreglass
insulation in it has an R value
of about 13. Log walls however
store and radiate solar energy
in addition to being an insulator
and cannot thus be readily com-
pared with a clinical laboratory
test, it is claimed, whereas the
mass of the log itself increases
the R rating by a minimum of
two full points.

Different timbers yield dif-
ferent insulating factors. White
cedar for example has an R
value of 1.54 per inph of thick-
ness. spruce has a 1.40 rating,
red pine is 1.21 and Southern
yellow pine is 1.08.

Total cost

Total cost of a log house
depends on such varied factors
as wood type, amount of fin-
ished/serai-finished timbers in
the package, shipping, and site
accessibility.

A 1,200 square ft floor area
2-bedroom kit from Green
Mountain will cost $24,950
which includes all the necessary

A NEW scaffold system
specially developed for the
Norwegian market baa been
launched by British DSL
Group's first multi-national
scaffolding company, DSL
a-s-Norsk SlillasuUele.

Sprileboard is suitable for
heavier loading associated
with shoring and false work,
yet Is light and easy to handle
for access jobs. It is designed
to be used in both fields and
has already proved valuable
in all forms of access scaffold-
ing to the underside of floors,
bridges and offshore plat-
forms.

*

THE RESIN marketing
manager or BIP Chemicals.
Mr Stuart Brindley, says he
believes that “the long term
prospects for UF foam cavity
wall insulation in the UK are
still good, 1 * in answer to
recent adverse publicity on
cavity foam.

New formulations which
will reduce the emission of
formaldehyde fumes from
foam as it dries are being
developed. Despite the pub-
licity given to the few cases

21

Engineering contactors to the
oi3, gas, cbejnicaJ, process and
power generation industries.

8 inch diameter milled spruce
logs for walls, ceiling/roof tim-
bers, Interior timber fixtures
such as doors, sub-floor, win-
dows (but not stairs) and base
boards. The Green Mountain
logs are cut flat on two sides
and linked together with a
metal extrusion which acts as a
sealant and integral joint. Other
companies use traditional
tongue and groove milling, or
waterproof compounds to make
the structures water and air
tight.

Onsite assembly and proper
fitting out of the house to
generally accepted standards of
comfort add a further minimum
100 per cent cost to the basic
kit price. Thus the $23,000 home
will cost at least $50,000 (or
perhaps as high as $75,000) on
completion. European or Asian
readers who purchase such a
kit from American suppliers
would have to add an extra
$4,000 for shipping costs.
(Green Mountain's normal
catchment area far orders is
1,500 mile radius.) Substantial
savings of about $10,000 are
possible if a major portion of
the assembly work is done by
the owner/purchaser.

Many of the log houses con-
structed in the U.S. are custom
designed for individual require-
ments and needs. Off-the-shelf
models do exist and Green
Mountain Cabins, for example.

Around the industry

where the fames have caused
complaints. BlP Chemicals say
the foam has several ad van-
tages over other forms of
cavity wall insulation, mainly
that It is cheaper to install
and. unlike polystyrene beads,
is non combustible. More
from the company at Popes
Lane, Wariey, West Midlands
(021 552 1551).

*

WORK HAS just begun on
the new $30m McDonnell
Douglas Microelectronics
Centre on Airport Road east
of the company's world head-
quarters at Lambcrt-St Louis
International Airport.

Cnstom-designed elec-
tronics circuit for use in
military applications and bv
other divisions of the
Corporation will be built at
the 192,000 sq ft structure
expected to be completed in
January 1984.

★

NEW COMPANY Nonvest
Stanton, formed by Stanton
and Stavely and Norwest
Holst, will cany out main-
tenance and renovation of
sewers and water mains
following Its formation on

rrr

William Press Group, Tfel 01-333 6544,

are prepared — albeit somewhat
reluctantly— lo offer sets of blue
prints of different cabin
designs for between $500-8800.

The North American log
house industry is estimated to
have an annual turnover of
Slbn.

Over the past decade it has
managed to overcome many
prejudices and handicaps such
as bank or building society
reluctance to finance projects
other than "progressive con-
struction." With a log house,
you must pay for it first, then
build it later.

Nevertheless the future of log
houses depends greatly on the
more traditional building forms
and, most important, their rela-
tive costs. Log cabins offer a
wonderful second home option,
but in Europe there seem to be
very few people with the
courage (or the support of a
bank manag<)r) to invest the
equivalent of £30.000 exclusive
of land in a log house when
cheaper bricks and mortar can
do the job ju^ as well.

Green Mountain Cabins, Box
190, Chester, Vermont 05143.
Tel: (802) 875 2163.

PAUL HANNON

September L Its services will
range from assessment and
design to repair and replace-
ment of these buried assets.

★

SHEPHERD BUILDING Ser-
vices, said to be the largest
unquoted builder in the coun-
try, has brought its central
functions together at
Frederick House, Fulford
Road, York, a building origin-
ally constructed in 1958 for
the Property Services Agency
of the DoE.

*

THE NEW 1982 C & CA
Catalogue, Pari I, which lists
advisory' and information pub-
lications, slide sets and films
available from the Cement
and Concrete Association, is
now available from the asso-
ciation at 52, Grosvenor
Gardens, London, SW1.

*

THE CEMENT and Concrete
Association has a new tech-
nical report ** Design of floors
on ground " (ref 42.550) by
J. W. E. Chandler, available
at £3.00 from Publications
Distribution, C and CA,
Wexham Springs, Slough.

_ *n*kTi
was fill on the head

he lost his reason

After?

in the last war, after keeping the peace in Kenya,
seeing through the evacuation of Aden, during-a tour in Northern
Ireland Sergeant J’n'Vn was hit on thehead. with astone.

He lost his reason. ' ... ■ „

He has been with us ever since he was Invalided home.
Sometimes hi hospital, sometimes in our Convalescent Home
wherever he is - we look after him. One day, heTJ probably enter
our Veteraris^Home for -good, stiB thinking that the next man in me
street is about to attack him. ...

Every year brings in more and more deserving cases nKe ^
Sergeant J*n* k"n. For those who are homeless and cannot look
after themselves in the community, we provide permanent
accommodation in our Hostel.

And every year our costs go up. „

If we are to survive, we must have more funds. We're doing
everything we cart, butin the end it depends upon what you can
afford to give.

‘They've given more than they could —
please give as much as you care

ec-saaiies

rmrmiL uklfh« society

37 Thurloe Street, London SW7 2LL Teh 01-584 8688,

COMPANY NOTICES

J. Roth.sc hi td IniMncni lioUimp B.V.

ithe "C umpany". firmciti called
fioiftMjhito In»«iment HafJro#-. B.V •

The ooitundim fI0.4U0.TOU I4K per mu.

Guaranteed Bondi due 1990 af the Company (the -BondsTj

guaranteed Oy
Rir pXc-

nhc “Guarantor". lurmerf; called
Rothschild Investment Trust Limited;

constituted h> the Trust Deed dated ?!« Aikibi, ivWiihr “Trust DewTi
bet's ecu the Compart;, die Cniaranmr jttd Thr Law Deheniure Caipaniiun nJ.c.

(the “Tnitree") as trustee for the hrtdrre ot the Bravh iihe “Bondholders 1 1

Sallee or natUficaltaJi of rights retaciag In ibr Bunds
NOTICE IS HEREBY GIVEN to the Bondholders iWt—

, I * the recommended nili-is dated Olh April. |is; hi I he Rninh Linen BjuV Limited on
behalf of RIT imd Northern pi <■ (“RIT jnJ Northern” fiimv rli called The Circa 1 .
Northern Irt'esltnrm Trust PLOI to aiuuirc the whole sift he fuOv purd ihare capital of
the Guarantor not thru alivaih owned h\ it haun? hren dccLuni unconditional on 1 2th
Mas. ivttj. the Li varan h«r is now a •iiN.idurs ul RiT and Northern;

Cl in order to simplify the homwmc structure of the enlarv^sl proup and hr Ueilriate the
transfer erf suets h, ihc G-urxn t<-r ii» Jf/T and Nnnftem. ifre LV'/upmi,. ihe Oiurwuv
and RIT and Northern !use requested Ihr live; in concur in j irKsdifk-Biion 10 ihe
Trust Deed intuit a? iji the pis my of a guarantee in mpo-t ol the Floods b> RIT and
1 Northern in addition 10 . hut lunmnlutels poor loam mciiihrr-' soJunun winding up
of the Guarantor) In substitution hw the trlcu.-ot ih* guarantee in respect ch the Bonds
'Sltett I" the Guarantor. [Ivan ins reuse with ciTcti on and Irrm iMh August, I'tlC in
the annual rate of intenrst on the. Bunds ot", per v\-ni.. and ie> the introduciion ttf a
prtMiibttion on ihe dtspmal iwithom the consent .-if the Trustee) of assets hi Rn and
Northern and its nibsiftanc*. iu an? holding cumpun; iif RIT and Northern: and

(31 the Trustee, udihed K J. Hears Schrrdcr Wage kin limned, hemp of the opinion
dial the modiTmikm meniwned in I *1 Ohme is lull ptnpcr and in the interests ol the
• Bondholders, has concurred in such modification in aicniJance » ilh its powers under
the Trust Deed Such modification is eon lamed in a Bn SuprtcnwnlaJ T run Dad
. made hcttieen Ihr Company the Guarantor, RIT and Non hem and the Trance doled
17ih August- 1981 which had tm mediate etfecl AaonJrnpJs. the annual lUlexw
potnunr on l.'lh Auju*9. I'M?.! and on eu,)i I'Mi Augu9 thereafter wilt he at the rate
ori.MS.UU per Bond of 1 1.000.

Particulars oTthe Bonds as so mitdilVd are available rn the statistical services of Exiel
Statistical Sen ten Limited. The Company wilt ptnmrelj ntiuf; ihe Bondholder; nT the dale
of the commencement' of an> members' iul(inur> winding up -j) the Guarantor. Any
Bondholder uho w ishe* to Inspect copies af the Trust Deed mi ihe First Sort JrmemaJ Trust.
Deed mentioned above or to obtain a cops nTUir Terms and Condition- nf Ihe Bonds as so
modified mas do so a. the specified offices of the Faying Apnis i'sed below. —

PRINCIPAL PAYING ACFNT
The Chose Mmhaiun Hint, \_X_

Woolgale House.

Coleman Sirea.

London £C2? 2HP.

PAYING AGENTS
Banque de Commerce SA..

S 1. 52 Avenue d« An*.

G-I'UO Brussels.

Chase Manhattan Bank Luxembourg SA..
47 Boulevard Royal,
Luxembourg.

Dated 5!e August. 1980.

Chase Manhattan Bank rSwtoetiawJL
Oenfenwtue 24.

S027 Zurich.

J. Rothschild Instalment Holdings B.V.

This Advert] semeoi cmwNh with the requirements of the
Council of The Stock Enhanee

ASESORES DE FINAHZAS, S.A. DE C.V.

(Oro raised under the laws of the united Maclean States)

Short term Notes Issued In Series
Under a USS3Q0, 000,000
Note Purchase Facility Agreement

Geanustaod by ClUbai*, NA.

Issue Price 100 per cent

OtKofP International Bank. SA. has aflrecd to neHOItw or procure
subscribers for the Not** as provided to the Mote Purchase Facility Agreement.

The Notes. In the denominations Of US1 0.000 and USSSOO.000 each.
Will Be issued tn Series ot between uss25.ooo.ooo and ussso .OOO.OOD.

Application has been made lor the Notes to Be admitted to the Official List of

The Stock Exchange ot the United Kingdom and the Republic ot Ireland. suMect

only to the issue of the Note*.

Nonce Is hereby given that the U5S50.000.000 — Series 01.

U5S50.000.000 — Series 02. and ussso .000.000— Tories 05 Issued under the

Note Purchase Facility Agreement will carry an Interest rat* of 13.50®i per

annum. 10.75% per annum and 1T.12s?i per annum, respectively. The
Maturity Date of Series 01 will be 10th February. 1083. of Series 02, will be
15th October. 1982 and of Swtes 03 will be Ifitfi November. 1982.

Particulars of the Notes and of Asesores de Flnanzas. S.A. de C.V.
and Citibank N.A. are available in the statistical services of Extel Statistical

Services and may be obtained during normal business hoars on any week day

(Sjiurd-'vi and public holiday* Accepted) up to and Including f 4th September.

1982 from:

Cazenove & Co..

12 Tokenhouse Yard.

London EC2R 7 AN.

31st August, 1982.

CONTRACTS AND TENDERS

U.S. $50,000,000

1 Floating Rate Capital Notes 1989

In accordance wrtii the proviaonsoEfte Notesiiotic* is

h&cvbygjveaiiistfor the three months interest peood
- froin31st August, 1982to30tii November, I982tke
Notes will cffliy*mluicres£ Hate of UL ^ perannum-

1^82 against Coupon No. 12 will

. - beU^.S27S6. .

Agent Bank

AZ1ENDA AUTONOMA DELLE

FERROViE

DELLOSTATO

. . U.S. $250,000,000
Floating Rate Notes 1988
Convertible until February 1986 into
914 per cent. Ronds 1992

For ihe six months period
31st August, 2982 to 28th February, 1983

In accordance wife, fee provisions of fee Notes,
notice Is hereby given feat fee rate of interest has
been fixed at' 12^ per ceni per annum, and feat fee
interest payable on fee relevant interest payment
date, 28fe February, 1983 against Coupon No. 5 will
be U.S.$303‘24.

S.G. Warburg & Co. Ltd.

Agent Bank

CITY OF BERGEN

USSXUNHMMX)

S{% 20-YEAR EXTERNAL
LOAN OF 1964 . .

Hambros Bank Limited advise
that the notice to bondholders
of the above issue that appeared
on 25ch August 1982 should have
stated a purchase amount of
USS3I3.000 (nominal) and not
U5$848,000 (nominal).

HAH BROS BANK LIMITED

THE SCOTTISH
AGRICULTURAL SECURITIES
CORPORATION p.U.

T0i% Debenture Stock, 1989-9!

Notice is hflreby given Tfaet the
REGISTERS of the CORPORATION'S
above mentioned Debenture Stock
will be CLOSED for TRANSFER end
REGISTRATION from IGih n 29th
September. 1982 both deye inclu-
sive.

By order ot the Board
H. J. McTurfc, Secretary
48 Palmerston Place
Edinburgh EH12 5BR
30th August. 1962

FINANCIAL TIMES

PUBLISHED IN LONDON & FRANKFURT

Head Office: The FlnancM That* LMted. Bmctocn Hume. 10 Canrau Sheet, Lendeo EC4P 4BY.
Take 8959871. Tdo: (MrartUng) 885033. TeNgamm Hmfkiw. London. Tatapbooe 01.298 8000-
Frankfurt Office: Tbe FfanocW Times (Ekeepe) Lb L, CoioOvtttfr. 54. 04000 FkmdctertwMrin L
We* CennMV- Tefctt 42*193. Tefqtew rc. 7598-0- EMM* PmntemaOee 72-32. Tutu 41*052.
Telephone! 7596 157.

INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES

Madrid! Esprancc* 32, Madrid 3. Tel:
4816772,

Amsterdam: P.0. Bed 1296, AewMtanMLTalra:
16527. TO: 276 796,

Birmingham: EdNarief and Admi tting George
Kia, George Rd, B15 IPS- Tdeas 338650. TO:
(EL-454 0922.

Bonn: Pturttm 11/104 HaumUee 2-30. Telex:
6869542. Tob 2U099.

Bmnk! 39 tae Dueate. Telesc 23283. Pteu 5U
1404. TO: 512 9037.

BMW* Aires; EdWdu SMeo PMo 7, No. 74
AvanWx Cwrfentes 456, (Mg* U**- Tel:
3947646.

CfaiOi P.fL Bra 2080. TtL- 751482.

DobBa; 25 Snote PredeHrit St, DriUte Z Tetet
25414. Tdt DuOfln 603378.

EdMnsgk CdfterW mri ABwttMv 37 Geerpe
Street, EH2 2HM. T ate* 72884. MdtterOI TO:
031-226 4120. XdtwfMep TOs 032-226 4139.

Frankfurt CdbrM FnMnBee 7ML Tttex:
416052. Tel: 7599 157. AMU* Bdofcttrtr.
54, TMra: 4161W. Ttfc 7596-0.

Geneva: 15 me du Cendrfer. Tetau 22589. Tat
311604

Ma uJw i tra: UterU mat Adve rtf riue Huean'i

Km, tees St, M2 SHT. Teku 66U13. TO:

061-834 938L

Mexico CHy: Cabe Dbiamarta 54-500. CM
Jnarex. Modes 60F 06600. Tet 592 5822.

PETROLEO BRASILEIRO S.A.
PETROBRAS

RIO DE JANEIRO — BRAZIL
ANNOUNCEMENT OF COMPETITIVE
BIDDING SUPEX - 07/82

PETROBRAS announces the opening of a competitive bidding
for petroleum exploration in Brazil onshore and offshore,
through service contracts with risk clause.

Companies interested in such a bidding are requested to
supply, on application, evidence of technical and financial
capacity, as well as experience and tradition in exploration
and development of petroleum fields.

Application forms can be obtained at any of the following
addresses whereto they are to be returned until October 1st,
1982:

— Avenida Repfiblica do Chile, 65, 18® andar, sala 1858
Rio de Janeiro — BRAZIL.

—2nd Floor, 77 Soulh Audley Street, London WlY 5TA,
ENGLAND.

—12th Floor, 122L Avenue of the Americas, New York
10020, U.S-A.

— Suite 409, 5433, Westheimer, Houston 77056. U.S.A.

— 66, Avenue des Champs Elys^es, S*me fitage Pans 75008—
FRANCE.

Rio de Janeiro, September 1st, 19S2.
Superimendencia de Contra to s de Expiorasao
SUPEX

M, A pirtn wirt X
FhuMn. Tail 2431635-

Stmt, CratraL Tefarc: 75204 MX. Tdb
Jb fra'iimbuiy t P-0- Btet Z12B. TOnc &42S7. TOt
SB-7545.

Leeds: Mmthbm Pg ia rarat ftorae. The
Hodrow. Tdi 05K 4S4969L
Udmb Mb * Alegria 58-10, Lisbon Z Tetac
12533. T* 362 508.

For Share Index and Business News Summary, Telephone 246 8026
(number, preceded by. the appropriate area code valid for London,
Sfnra n gft am , Liverpool and Manchester).

All Advertising 0 sibleci to.the' publisher's current temts eni eanWera, copies or which ■* mdlable no

reqoesl.

»

MweratTete

New Ywte EdUmU Mf AMU* 75
RgebeMar Ptera. N.Y. 10019. EiftarMTekx:
6639QL TO: (212)543 4625. Advertfshg Tries:
238409. T* <2221 489 8300:

Me EfftorM rat 1 A tht rUAn g Centre
■TAfMm La Loom, US Rw di Hlvoi, 75044,
Paris Cadex OL Teto: 220044. Teh 297 2000.
Ate. lit JMtlfK Mo Branco 85. Sates
2611-2612, Centra DD> 20090, He de Jaraim
BJ BradL Tefc 23 8845. Tries: c/o Rentes.
RMM- BMartef Via dsSt Mercede 55, Tetec
610032. Tdt 678 3314.

StecMwtef eUmtU Snraka DrabWet,
Mantesnota 7. IUhr 37603. TO; 506088.
TOn* G«lrW 8th Ftaor, NBnn tUOai.
SMntei n ilHiii. 1-9-5 Oteradd. CNywtefcu,
rub 245 case. Tab 20 2X0. AMU*

Kuahsra BriDdiag. 1-6-10 UcMmfa.
Odywtektt. Tetev 127104. Trfc 295 4050.

MteshteflteR fiftartef 1171 NsUenri Piets
BnUtfino, WMMntrn D.C. 20045, TtHfc
440340. Ttfc (202) 347 8676.

WANDSWORTH
BOROUGH COUNCIL
GARDEN MAINTENANCE CONTRACT
Th« Wandsworth Borough Council
is considering obiaimng lenders lor
the Garden maintenence work on
its housing estates, and other
Council sites to commence -in
March 1983. The work which is
spread throughout the Borough in-
volves a mobile work force and the
usa of bath targe and small
machinery.

Any firm wishing to be considered
for inclusion on the Council's list
of approved tenderers lor this work
la asked to make an applies nan
within the. next 21 days giving tea
following iniormntion:

1. Length of time tee contractor
has been established

2. Examples o I aimiier or related
contracts carried out

3. The names Bnd addresses of
local authorities or other
companies for whom they
have worked

4. The name and address of
bankers from who financial
references may be obtained
The application, quoting
Reference FT. should do

addressed to:

Mr L. T. Gamin
Director of Recreation
Wandsworth Borough Council
Wandsworth Town Hal!
Wandswonh High Street
London SW18 2PU
If the Council decide to go ahead,
tender documents will be sent out
in the middle of November.

EDUCATIONAL

TRAVEL

SCHILLER

International University

(American) Lon don- Paris

Madrid-Hddefbng
Bonnes Adam. Programme:
ABA/BA/BBA/MA/MBA/MZM
Abo evening dosses in London &
Central Paris (Td: SSI-04-83)
AA/BA/MBA Arts. Languages,
Law, Public Adminatnuion.

■Economics, Psychology, etc.
College Preparatory Pr
Ccrtificaic^Wptoma i

Schffler Inkrnstiouxf Unfr-nsify
Dept, D], 51 Waterloo Road,
London SE1. Telephone: 01-928 S484

CLUBS

THE GASLIGHT OF .ST. JAMES'S. London *
most exciting bustnesmui'i night cfnfl.
No mentmhlp Medea. 2 ban. drcmi of
daneeable ttmoanteiu. Intrlptdnn Cabaret
Acts. HaPBV how 8-9 pm. .If required,
superb three- course dinner, only £3.75,
plus Mnlco and tax. Entrann tc* £5.75
(£5 relondad to dlnera ordering before
9 pm). Open Mon.-Fn. 0 pm-Z am.
Sac. g am-Z am. 4. Oak* of York Street,
SW1. Tel: 01-9SP 1648i49S0-

THE SUN SHINES

alt tbe lhne In Hw West India*

We hare ■ selection Of 100 MB quality
crewed .boats teat we have personalty
inspected based in Antigua and SC-
Vlnoent. We have coloured photographs
of tee boats ana crews rad will be
luppy to fllve sdrlce and arrange travel.

Prices from £26 per head per day.
Ring or write Patrick Bowl:

Camoar A NtchnWan Yacht Agency.
IS Regency Street London SWtP 400.

Tel; 01-821 1641
«r Talax 91S078 NfCLON

EVE has outlived the ethers because gf a
_ policy ot fair play and value for money.
'Supper from 10-800 aw. Mko and toe
mraKiaas, glamorous hostesses, netting
floonhows. 189. Resent St. 01-734 0557.

HANOVERIAN NIGHTCLUB and R«.. B.
Hanover sueel. Wl. Where today's busi-
nessman can enlov an netting and relax-
ing evening. Charming and dtseraeC
dancing partner* avaHabt* nightly S pm-

5 am. Recommended tg ring tar rei, «n
01-408 0268.

22

r

<

PR
mit
! «3
* “
, can
v gf

c was
^ bre
A
Wa:
• ; tern
n ov-
i‘ plic
ivro
i: thir
t: rest
n H
i .lari
i prm
rebt
«, rhat
o' f cre
[; and

5 ' Reai

■ po t’,
: still

" ecori
turn
and
a^n
frorr
thou
stem
Den:

in M

• Hi

ACTI
Jteifer
mont
define
faces
prote
perfo
oiitsu
Thi
a chic
srour
.wees
"indue
feliio
^cmra-
‘ficatit

Financial Times Tuesday August- -31 1982

This adrmbement » issued ta eanpbtoca vtdr rfia iw /iA a m enf of A* Gnoses! of The Stock
Jt does iwe taseafflura an umfttim t* A* pnSSc ns subscribe Sot or puitetfs debenture Jtcofcc.

RIT and Northern p.l.c.

jfn im-ttment arnipam- under Sdf of the OmpaniB A<3 i960
(Regiaercd m Scotland X& 13X3/

£200,000 5« per out Irredeemable Debcstnie Stock
£1,081,564 6i pec cent Debenture Stock 1932/87
£850,000 Z pec cent. Debenture Stock 1384/86
£233,0002 par cent. Debenture Stock 1988/91
£750,000 I* per cent Debenture Stock 1984/88
£421,865 Z| pax cent; Debenture Stock 1986/91

The Conaeil of The Slock Exchange 6« admitted the above-mentioned debenture stoda to the Official Lat

Particular of the debenture stocks are available w the scunrical services of Extd Statistical Services Limned wd
copies may be obtained during normal business boon op to and including 14th September, 1982 from:—

S. G. Warbnrjr & Co. Ltd,
30 Gresham Street,
London £C2P2EB

Cazrsvrre & Cru,

U Tokeahovse Yard,
London £C?R 7 AN

31st August 1962

lalag A CrmckAsak,
15th Floor,

The Stock Exchange,
London EC2N 1UA

Ptrwoj & CSh,
100 We« Nile Street,
GtogrwGl 2QU

TO THE HOLDERS OF

DENNY’S INTERNATIONAL N.V.

5 V 2 % Subordinated Guaranteed Debentures Due 1989

(Guaranteed on a subordinated basis hi/ and convertible on ami after
October 1 , i960 into Common Stock oft Denny s Restaurants, Inc.)

Iba are hereby notified that pursuant to the provisions of Section 4.04 of the Indenture
Dated as of March 1. 1969 between the Company and Denny’s Restaurants. Inc. (now
Denny's Inc.), Guarantor, and Bank of America National Trust and Savings Association,

BUSINESSMAN’S DIARY

UK TRADE FAIRS AND EXHIBITIONS

Date
Sept 5-S
Sept 5*9

Title

Sept 5-12
Sept 6-9

Sept 7-10

Sept 7-10 ..
Sept 12-16

Sept 12-15
Sept 13- IS
Sept 14-16
Sept 19-21
Sept 22-25
Sept 26-28
Sept 27-29

Sept 27-0 ct 1

Sept 28- Oct
Sept 28- Oct

International Hardware Trades Fair (0727 63213)
International Watch, Jeweller, and Silver Trades

Fair (01-643 S040>

International Air Show (01-839 3231)

Offshore Europe Exhibition and Conference

(01-549 5831) -

Label. Labelling. Marking and Identification
Industry Exhibition — LABELEX (01-467 7728)
International Carpet Fair (021-705 6707) ............

International Woodworking Industries Exhibition

— IWIE (01-486 1951) ...........

MAB International Menswear Fair (0727 63213) ...

International Boat Show (0703 3234S)

Coi] Winding International *82 (0202 891339)

National Bakers* Buying Fair (01-446 2411)

Harrogate Fashion Fair (01-637 3400) ........

British Footwear Fair (01-739 2071)

Construction Industry International Exhibition and

Conference (01-242 3771) --■■■■»•

Furnaces, Refractories, Heat Treatment and Fuel

Economy Exhibition (0737 68611)

Good Offices Exhibition (01*631 4547)

London Business Show (01-647 1001) ........

Venne

Olympia

Earls Court
Faraborough

Aberdeen

NEC, Birmingham
Harrogate

NEC, Birmingham
Earls Court
Southampton

Wembley Conference Centre

Barbican

Harrogate

Olympia

Imperial 'College, London

NEC, Birmingham
Cutlers Gardens, EC2
Barbican

OVERSEAS TRADE FAIRS AND EXHIBITIONS

Autumn Fair (01-734 0543) (until

Current .
Current .
Sept 4-7 .
Sept 6-11
Sept 11-16
Sept 14-18

Sept 14-22
Sept 21-23

version price are on file with the Trustee.
Dated: August 31, 1982

computation

Denny’s Inc.

Otff
r.i (s'

lie tio

cu

«* «r
-n :h«

RW

ini

cu

an

nti

B>

Financial Times Conferences

WORLD FINANCIAL FUTURES
London — September 13, 14 and 15

This major meeting has been arranged to precede the opening of the London International Financial
Futures Exchange. The conference will analyse developments in financial futures markets worldwide
and will feature papers by Mr John Sandner fro m Ch icago Mercantile Exchange: Mr John Blin. New
York Futures Exchange; Mr Michael Jenkins. L1FFE: and Commissioner Susan Phillips. CFTC.

EUROPEAN BANKING
London — October 18 and 19

To be chaired by The Lord Roil of Zpsden, Chairman of S. G. Warburg & Co.; The Rt Hon Lord
Chalfont Board Member of Lazard Brothers; and Professor F. Ventriglia. Chairman of Isveimer, this
major European Banking conference will be of particular interest and value to bankers and corporate
treasurers operating in Europe. The principal speakers will include: M. Andre de Lattre, Credit
National: Mr Nicholas Ridley. Financial Secretary at the Treasury: Dr Giovanni Magnifico. Banco
d'ltalia; Dr Manfred Meier-Preschany, Dresdner Bank AG: Dr Rinaldo OssoJa. Banco di Napoli; Dr
Robert Sutz. Union Bank of Switzerland; and Mr Lawrence J. Brainard, Bankers Trust Company.

The event will be co-sponsored by The Banker and Isveimer.

Sept 22-24
Sept 2 8-30 ,
Sept 30- Oct

International

Fasb ta^Sampin Faii^iNTERCTIC (01-740 3061)

. (until Aug 31)

' Women's Ready-to-Wear Clothing Show (Paris

(1) 26S-OS.40)

International Shipbuilding, Marine. Small Ships
and Fishing Exhibition (021-705 6707)
International Public Works Congress and Equip-
ment Show '82 (01-637 2400)-

International Electrical Technology Fair —

FINNTECH (01-466 1951)

International Autumn Fair i 01-486 1951)

International Exhibition and Conference for the
Pharmaceutical, Cosmetics, Toiletry and Allied

Industries — INTERPHEX (021 384 3384)

International Coal Technology Exhibition and

Congress — Europe '82 (010 29 96 55)

International Petroleum Exhibition and Conference

OEPC (01-876 2700)

International Mechanical Handling Equipment Ex-
hibition — INVIA (01-486 1951)

Frankfurt

Berlin

Paris

Korea

Houston

Helsinki

Zagreb

New York
Copenhagen
Denver
Utrecht

BASERATE

Barclays BaxAPUCaod
Barclays Bant Intiam^oii^ liii^^L
announce that with effect fromtiaedoseaf
business 01131st Almost 1582,^ tfrekBaseRa©
will be decreased froaLi£% tD:ioJ%; ;
per annum-This ncwxatealso appfies.io . .
Barclays BankTrustCompmiy Limited*

RATES FOR SAVERS

Bonns Savings and Payplan AocoontSi
Interest paid is 10 %-per aaanm* .• V

Ordinary Deposit Accounts.
Literest paid will be dea»eed feni 8 %
to 7 ^% per annum.

BARCLAYS

St»OSeB:54lJnbazdSC^C^3AH.Se&Na^4Sa39>9aBllO«rfaMk^.

BUSINESS AND MANAGEMENT CONFERENCES

Aug 30-Sept 1
Aug 31-Sept 2

AH enquiries to be addressed to:

The Financial Times Limited
Conference Organisation
Minster House, Arthur Street
London EC4R 9 AX

Tel: 01-621 1355
Telex: 27347 FTCONF G
Cables: FINCONF LONDON

Management Centre Europe: Developing high per-
formance teams (02 219 03 90)

FT Conference: Aerospace enters a new era

(01-621 1355)

Sept 1 JobD Ottensooser: Tax planning — New

Opportunities for the Professions (01-499 8281)

Sept 65 Frost and Sullivan: Data communications:

advanced concepts and systems (01-486 8377)

Sept 7-10 Industrial Relations Services: Law for personnel

industrial relations and works managers

(01-328 4751)

5ept 9-14 The Textile Institute: Textile machinery— ravesting

for the Future (061-834 8457) :

Sept 13-14 Frost and Sullivan: Understanding and using CAD/

CAM (01-486 S377)

Sept 13-15 FT Conference: World Financial Futures (01-621

1355)

Sept 17 Institute of Directors: The Londo n In ternational

Financial Futures Exchange (UFFE) (01-839

1233)

Sept 21 Hoare Gavett: Financial futures seminar (01-353

1090)

Sept 21-23 Metal Bulletin Congresses: International

Aluminium Congress (01-330 4311)

Sept 21-22 Lloyd's of London Press: Charter-parties (01-353

10O0)

Sept. 22 Energy and Engineering: the market for engin-

eering equipment systems and services for.

offshore structures (01-439 9021 )

Sept 29 Goodfellow Associates: Management of Diving Costs

In the ’80s (0224 20265)

Sept 30 CBI; The management of change (01-379 7400)

Oct 1 FPA: Industry North's fire problems (01-248 5222)

Oct 4-7 1FEAT international conference on essential oils

and aroma chemicals (01-486 6757)

Brussels ;

Grosvenor House, W1
Savoy Hotel, WC2
Mount Royal Hotel, London

Royal Horseguards Hotel, Ldn
Palace Hotel, Lucerne
Mount Royal Hotel, W1
London Press Centre, EC4

Pall Mall, SW1
Plasterers' Hall, London
Monte Carlo
London Press Centre

Albany Hotel, Glasgow-

Holiday Inn. Dyce
Centre Point, WC1
Harrogate Conference Centre

Royal Garden Hotel, W8

Anyone wishing to ■ attend atvj of the above events is advised to telephone Out organisers to
ensure that there has been no change in the details published.

Grind lays Bank p.l.c.
Interest Rates

Grindlays Bank p.l.c. announces that ;
its base rate for lending will change :
- from 11% to 10-i%
with effect from 31st August 1982

The interest rates paid on call deposits will be>

. . call deposits of £1,000 and over 7£%

(call deposits of £300 — £999 6£?4)

Rates of interest on fixed deposits of over £5,000
will be quoted on request.

Enquiries: Please telephone 01-930 4611

^jGrincBays

USilBankpia

Head Office 23 Feodmrd! Street, London EC3P3ED

!

New Issue
August 31, 1932

All of these bonds having been placed, this an-
nouncement appears for purposes of record only.

INTERNATIONAL BANK

FOR RECONSTRUCTION AND DEVELOPMENT

Washington, D.C.

DM200,000,000

9% Deutsche Mark Bonds of 1982, Due 1992

^onal 9< ^

interest:
Offering Price:
Repayment:
Listing:

9% p a., payable annually on September 1
100 %

September 1 , 1992 at per
at all German stock exchanges

ic/ >o.\ A >o V) ''''

Deutsche Bank

Aktiensemltschaft

Dresdner Bank

Afcttengesellscfiaft

Commerzbank

Aktiengesellschaft

Westdeuische Landasbank
Gtrozentrale

•* - 5hai

ADCA-Bank

SsflkfiadsHLAufheuser

SadereWSrttembsrgiecho Bank

1

■pfici'

morp

Alcdengeselfschaft

AUgemeine Deu isctie CrariTt-An stait

AtGiengBseUechefc ’

> #

’direri

ins if I

Lus

whole i

Bsdische Kommunsle Landsebenk

Bank ffirGemeinwjrtschsft

Beyylsche Hypotbeton. ood WadnebBmk

If

t

- Glro 2 Sf)tra!e -

Aktiengesaltochsft

AktiengesellBChaft

r

I-

Bayertoche Landasbank

Girozentreie

Beyerische Vern'nsbenk

Aktiengeselischaft

Joh-fisrenfwrsLGosstor&Co.

3

foreij

Rut t :

eifin ■

Berliner Bank

Berfincr Handels- und Ftenkfuter Bonk *

BsnkhsusGebriiderBethfliiref .

f

1

» lr«l r ■

jp.52

ahiy .

Mini} u

If* \

doi x

3(ii

Qr

Brefner Landtsbwik

Richard Daus & Co. Bsnkicrs

DMbrfok&Co.

vormals Hans W. Petersen

’«

'

Deutsche Sank Saar

Deutsche Grrozenzrate

■ DGBank

..

Aktiengeselfschaft

Deutsche linderbenk

r Deutsche Kommunelbank —

Deutsche GenosBerndiafttbank

»

J

•

Conrad Hinrfch Dormer

gfsctenbsnk-WsTbura

;

Akriengssellscbaft

.AkttBnggseUsctoft

r

HaUbaum, Meier & Co. A6

Htmburglsche Lsndssbenk

Handels- und Privattemk.

Pli

r,4

- Umflowfitbank-

- Gfrozentrafa -

Akdengeselbchaft' ' >

Georg Hauck & Soho Bankers

Hessische Lsndesbenk

yonder HeydUtefstenSSShn#

;;

ul-

,r

Kommanditgeseilschaft atrf Aktten

- Ghezemrale -

•i

fP

ir

cH

ser

foi

BanMuw Hermann Lamps
Kommanditgesellschaft

Landasbank ScMeswIg-Hobtaio

Landeifaank Rhefniand-Pfafe
- Gltoaetrtrah —

Merck, BnckSt Co.

LandsebankSaerGfrozeqtraiB

B.MetzTsneeLSohn&Co.

Gtazantmie
NjfiwwkBanJc
Aktiengeseltahoft
SsL Opponhefm Jr. ftCfs.

ScJwodfr, Mfinchraeysr, Hfliwst &Col

4H.Stobi

MM. W«hurg-Briridtmaim, WiTtt & Co.

Norddsutsche Landesbank
Glrozsntnls
Bsuscfwt&Ce.
SchwibfMhs Bank
Akdengeseilscheft
Mini & Burkhsidt

Wntfafmbsnk

AktiengeseHschaft

QMwfturgbdieUnderiiaiik

A fc tie ng eseUschaft.

KsriSehmUt8a*geachMt

Sbnonbank

Aktiengsseilschsft

VMm-ondWastbnd: '

Aktlcrigesdlschaft '

WOrt ta mbighshs Konematete Laedeafavik

CjrozsnMe

WORLD VALUE OF THE POUND

Tha taWa below gtvte tha latact avaregs of buvtng and aalRng rates
available ran of anhaoBe for tha except where they are shown to ba
pound agalnet variooa cunonciaa on othaiwiaa. In eotne casaa toarfcat rates
August 77 1982. In soma cases ratas have boon cafcufetad from those of
am nominal. Market rates are tha foreign currencies to which ihey ns

UmL

Abbreviations: (A) app roxi m a te rats,
so dksot quotation available: . (F) free
mass: (P) baaed on U.S. dollar panties
and going eterfing/dolfer rates; (T)
tourfat rata: JBss! basic rata: (bg)
a; (cm)

buvfog rata: (St] bankers' rates;

comtnsndal rats; (ch) convertible rate:
(fti) financial fates; (SxC) s Mf un gs
cartificau rate; (nc) non-cornmsccUI
rata; (nomj nominst (c) official lata;
(sg) sailing ran.

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

Afghanistan -.'Afgf

Albania. Lek

Irani — ..i

Algeria ..Dinar ^

i French Frapo
i Spanish Peseta

Andorra..

Angola. Kwanza

Antigua IS). ..- E. caribbean f

Argentina. Ar. Paso

Australia (Sj Australian •

Austria SdillUns

Azores - Portuguese Escudo;

Bahamas ...» Ba. 'Dollar

Bahrain Dinar

Balearic Isles.. Spa. Pasata ,

Bangladesh Taka. .

Barbados ...7 Barbados S

Belgium B. Franc

Belize B S

Benin OF. A. Frans

Bermuda — Bda» •

Bhutan Indian Rupee

Bolivia BolMan Peso

Botswana...^. .... Pula

B0.OO
M150
8.04
1 12.04
194,10
I (CM) 60.7025
l(T) 62.691
4.69
(om) 42,038
(fit) 67,816
1.7965
30.055
146.25

1.7365
0.660

, 194.10

38.75
3.4730
1 f(cm) 88.40
l|f n) 86.40
3.4730
602.0

1.7365
j 16.65

!(cm\ 76j 40
I t(FHA) 175.65;

Green and Danish Kroner

Granada E. Caribbean 9

Guadalotipe . — .... Local Franc

Guam UA$

Guatemala Quetzal

Guinea Republic... Syll

Guinea Bissau Peso

Guyana Guyanese I

15.015

4.69

12.04

1.7365

1,7385

38,90

69.35

52680

Haiti Gourd

Honduras Repub... Lamplra
Hong Kong H.K. 5

6.5825

3.50

10.475

Hungary. Forint

66.47^

Iceland |, Krona

India fnd. Rupee

Indonesia Rupiah

Iran - Rial

Iraq Iraq Dinar

Jrlsh Republic Irish £

Israel.... Shekel

Italy. Lira

Ivory Coast C.F.A. Franc

25.11
16.65
1,146.15
148.00( sgj
0.5283
1.24725
47.25
2,414.5
602.0

Brazil.. Cruzeiro ;;

Brit. Virgin isles. — UA 5

Brunei.... Brunei t

Bulgaria Lev

Burma Kyat

Burundi Burundi Franc

Camero'nRepubUc C-F.A. Franc

Canada Canadian S

Canary Islands. Spanish Peseta

Cape Varda Isle.... Cape V. Escudo
Cayman Islands — Cay. Is. 3
Cent. Afr. Republic C.F.A. Franc

Chad.. G.F.A. Franc

Chile C. Peso

China. Renminbi Yuan

Colombia.. C. Peso .

Comoro Islands-... CJ A, Franc ■
Congo iBrazaviils), C.FJL Franc

Gotta Rica Colon . .

Cuba Cuban

Cyprus Cyprus £

Czechoslovakia.^.,, Koruna

Denmark .... Danish Krona

Djibouti Pf.

Dominica E. Caribbean f

Dominican Rapub. Dominican (Paso).

if

1.9200
326.16
1.736B
3.7375
1.6810
13.6289
154.085
602.0
2:1 520
194.10
94.76
1.4470
602.0
602.0
208.62
3.3619
(FI 212.93
602X1
602J3 .
1(0) N/A
((F) N/A
1,4370
03426
(com) 1030
n/c 1831
CT) 18.20
15316
WHTfoB)

4.68
1.756S .

Jamaica — . — — Jamaica Dollar

Japan Yen

Jordan Jordan Dinar

Kampuchea We]

Kenya Kenya ShiRIng

Kiribati- — Australian 9

Koran (Nth)-. Won

Korea (Sth) Won

Kuwait Kuwait Dinar

33868

445.5

Q.609

2383.8

1930

130
1.7965
1.68(11)
1,297,84
03005

Laos.... New KIp

Lebanon Lebanese £

Lesotho- Loti

Liberia.........— ...... Liberian 8

Libya ... Libyan Dinar

Liechtenstein Swiss Franc

Luxembourg - Lux Franc

17365

8,7985

1.98625

1.7385

0.5140

3.64

82,40

Ecuador. suer*

Egypt- Egyptian £

Equatorial Guinea Ekuele

Ethiopia Ethiopian Birr

Falkland Islands,... Falkland to £

Faros Islands Danish Krone

FIJI isinds FU 18

Finland - Markka

France.- French Franc

Franc hC*tyin Af»-. C.FJL Franc
French Guiana-... Local Franc
French Pacific is- C.F.P. Franc

Gabon G.FJL Franc

Gambia - Del see

Germany (East) — Ostmark .

Garmvny (West).... Deutsch Mark

Ghana cedi

Gibraltar Gibraltar fi

Greses Drachma

! f (0)57.65
!i(ne7

m 67.00
CU) 1.445
-3883
(P) 33400
13

1S.01S .
13335 .
8.1845
1834
6083
1834
308 tag)
608.0
43

43985

43925

434

1.0

180.784

Macao — Pataca

Madeira. Portugese Escudo

Malagasy Republic MG Franc

Malawi Kwacha

Malaysia ... ffinsgJt

Maidive Islands .... Rufiyaa
Mali Republic,,.— Mai) Franc

Malta Maltese £

Martinique Local Frano -

Mauritania - Ouguiya

Mauritius ...» M. Rupee

Mexico- Mexican Psso

Miquelon GJ*JL Franc

Monaco French Frano

Mongolia Tugrik

Montserrat E. Caribbean 8

Morocco. Dirham

Monunblque Metical

Nauru...-....— — Australian Dollar

KSSrtSdi-::z:S u *ISir R " PM

NetheriandAntUles Antillian Guilder
New Zealand.—,.;. NX. Dollar

Nicaragua-:... Cordoba

Niger Republic — C.PJL Franc

Nigeria Naira

Norway — — Norway Krone

Oman SvTate of — Rial Omani

Pakistan* Pakistan Rupee

Panama— Baiboa

PapuaN. Guinea— Kina

Paraguay—

10.75

146.85
€37.50
13340
4.0675
13.11

1.149.0
0.72 S

12.04 .

88.85
19.15

'(F)lB3.20f4)

j(PI86.3S{5j

602.0

18.04
(D)6.59(fn

4.69

2G.45fsgl

5835

...- Guarani

I. 7935
82.83

4.703

3,1085.

23770

17.40

602.0

L179783(sg)

II. 49

0.606
20.95
1.7365
1.3120

|(Oi 21934

l IF) 274.40

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

148,25

1.7365

6.58

Paro-Y Sol exe

Philippines Philippine Peso »..• 14.

Pitcairn Islands ... J^owZe&randS , 8.3770

Fotond : ZToty - I { mSiVS?*

Portugal Portugu'se Escudo

Puerto Rico U3. S ‘

Qatar fiatar Rye) ■

Reunion ile de la . French Franc
Leu

Rwanda Franc
. E, Caribbean 8
. SL Helena £

. E. Caribbean 8
..Local Franc
E. Car.bbean 8
. Colon
.33. S

.10

Romania

Rwanda.

12.04
'(Cm) 7.68
l(n«J 18.65
157.51

St. Cbriatopher

5L Helena

S. Lucie

SL Pierre

St. Vincent

Salvador El

Samoa American

San Marino Italian Ur*

Sao Toma A Prtn... Dobra

Saudi Arabia Ryal

f^epa), C.F.A Franc

Seychelles. .. s. Rupee

Sierra Leone -.-..Leone i

Singapore-....,. Singapore 6 f

Solomon Islands ...Solomon is. 3 ]

ism®! 1 . 5 epu S ic -Soman shilling ( 1 ) !
Somali Republic....SomaJi Shilling (2) :
South Africa ...—. ..Rand i

South West African I

Territories S. A. Rand

Spain - Peseta

4.69
>3
4.60
12,0*
4.69
4.35
1.7365
2,414.5
7130
536825
608.0
11.46 rag)
2.1571
3.7375

I. 7945

II. 03
21,63
1.96625

1.98625

194.10

Spanish ports in
North Africa Peseta

Sri Lanka s. L. Rupee

Sudan Republic ... Sudan £ iu)

Surinam S. Guilder

Swaziland Lilangeni

Sweden- Krona

Switzerland ....... -Swiss Frano

8yna,...„ Syria £

™wen- New Taiwan I

Tanzania .Tan. Shilling

Thailand Baht

Togo Republic ..._ C.FJL Franc

Tonaa to lands Ha'anga

Trinidad A Tub, S

B"£“™ Tunisian Dinar

TUT Key Turkish Lin

Turk* 4 Caicos.. O.S.S

Tuva,u Australian 8

-■■■• Uganda Shilling

United States- U.S. Dollar ^

Uruguay.

194.10

36.00

1.5628

3J083

1.98628

10.58

3.64

(AUSLO

SAiHJ
16.40
39.77
602.0
1.7955
4.1676
1.05 (*g)
299.48
1.7365
1.7955

.. .. Uruguay p««o

Wd.ArabEmiratMU.A.E. Dirhem

U-SAR. - --....Rouble

Upper Volta.. C.fTa! Franc

165J3

1.7385

rtcrmaa.43

ytfn:-22,«5

6.37075

12SM

608.0

Vanuatu .'Vatu

. . ■ Aust. Dollar

Vatican Italian Lira

Venezuela -Bolivar;

Vietnam —.Dong

Virgin Lland UA U.S. DoUar

Western Samoa -..Samoan Tale

Yemen <Nth) Ry* (

Yemen rsth) s, y flm4h w

Yugoslavia - _.N«w V Omar

zaire Republic .—.Zaire

- —Kwacha

Zimbabwe.— -,-,-Zimbabwo 8

370.30

1.7955

2,414.3

7.47

HO*. 7733
Umilf!)
1.7355

8.13

V

7,971m!

JJ9W

(A«J
B5J84«

10.174387

1.6435

IJKttO

S,

•That pert of the French community >" Africa formerty French West Africa or French Equatorial Africa t r uhm ^

7-,***, 7Zg6 ' "*'*** *» (conudled). ft Now on. officiel rate. (U) Umhedrate. AeplicaS?^ sli df oU and Hon

bilateral agreement with S^ypt and who era not m«mb«n of IMF. (J) Based on grass rates against Russian muMa. m SKS 1 * «»ntnei himg a

imports. (2) Export^ nonrossenoaf Imports sod transfer. (3) Essential goods. (4> Floating nil (5) Prrferentte“ra u far piK ^

as foo d c ats .

«■!!!

T s

' .! M

V ^RS

__ financial , Times ; Tuesday, August 31 1982

k n !

- * LJ.

p-i.c.

. C oimtes aAd Markets

NEW YORK

AGP Industrie*.. 5IU 31

AMF. — *?“*.

ARA m 31J* 314

Ayxcon* Z- 27

Abbot Lab* -,.33 £gj*

Acme CIW--J JOJ 4 Vh
Adobe oil ft Gas- • 2®?

Advanced Micro- 285e 89je
Aetna LW« * ®ai 86tj 3Bi 2
Ahmonvon tHJ.) .13. : J* -
Air Prod *Cb#m » 29%

Akzona~'J‘f*i~.-4 -££?*- -">?»

i Albany In* .. MU fgji

Aiberto-CUM.....' 12* If*

Albertson * f®* »*■

AicanAlumindun _ fife . .■

A! co Standard.... 204 *2*

• Alexander -’5!* '§5...

Allegheny hit..-. foje ««»
Allied Corp.;.—— ;3J*l ; f*
Allied Stores

■ Aills-Ghalmere^.. .,2?

-AlphSt Forun-.Z. » »

Alcoa .. 274 | 27 Tg .

tA"*!2± S 4 S

Amdahl Carp„... MJ*

Amerada Hess.... - 2Xi* - -B2W
Am. Airlines. 274 ™ a <

Am. Brands «*■ L 44

Am Broadcast's «* :

Am can 30*4 I fOU

Am. Cyanamid.... -30* : *04

Am. Elect. Powr. « ■ -

Am. Express; — r -44Ji

Am. CenJnwwe.j ff 4 -: 2»4

Am. Hoist A Die- 114 104

Am. Home Prod- *04
Am. Hasp. SupWl §£** ;

. Am. Medical Inti { a ®*« 26’fc

Am. Motors 34 |4

Am. Nat. Nesces- gat* 2B4
Am. PtHlim-.v. - “Sr 0*4
Am- Quasar Pet-j 64 , 7.

Am. Standards. I -S3, \ 258s .

SSSSSsa&.sSl.
ffl!2== 3; IS*

AMP 65% 56 U

Arnstar 804 205*

— Amutead lnd«i._. -21U-’ 217®
Anchor Hockg..- 144 145«

Anheoser-Bh - — 634 545,

Archer Daniels... 144 J 44

Arm co. I I 64 17

WORLD STOCK MARKETS

ch^i duo ij5<)

Kook .JlfJjR.

Columbia Gas —{ 284 29 ,0t.Atl.Piu

Combined Jntv.. 214 .22.4 . QtNtbiOii
Combustn. -Eng.. 274 274 Ot.WeetFl

Cm with. Edison. 234 34 Greyhound

Comm. Satellte- . 624 £3S»_. Grumman.

Gulf A Wei

Camp. Science... 234

Cone Mills. ... 304

Conroe; 26 - -

JCons Edison IB 4

cons. Foods. 564

Cons Freight..., J 46 V
Con. Nat. Gas.., ...I 224
Conmuor Power 174
Cent. Air. Lines...! 44

ContLCorp J 244

ContL. Group . ■[ SOU

ConU. Illinois-.... j 164

ContLTelaph J *64'.

Control Data ; 274

Cooper fndt

Cod re Adolph.. - —
Copperweld....—
Corning Glass ....
Carroon Black.,..
Cox Broa»oast , e

Crane-

Crocker Nat......

Crown Cork

Crown Zell.
Cummins Eng ....

CurthJS- Wright ...

Damon ~i

Pans „ -

-Dart* Kraft !

Data Gen

Dayton-Hudson ..

Deere-....:

Delta Air

Denny's- ■

Gulf Oil

Nall (FBJ...
Halllburtar
Hammorm
Hand lemur
Hanna Min
Haroourt B
Harris Sam
-Harris Core
Harsco. —
Heola Mini 1
Heinz (Hit..
Heller IntL
Herculea-
Nbrahey...-
Heubldn
Hewlett
Hilton Hot*
1 Hitachi

Armstrong CK ...I

AsameraOil >

Asarco..,;; ,

Ashland Oil y 1

Asad- D." Goods.'
Atlantia Rloh.,....J
Auto-Data Prg ...

Avco 1

Avery Inti . — .....1

Avnet :..

Avon Prod -

Baker Inti

Balt Gas it EI.... 7 .

Ban Cal.....

Bangor Punta ...
Bank America _■
Bank of N.Y. — J
Bankers Tat N.Y.

Barry Wright

Bauechft tomb.
Baxt Trav Lab....'
Beatrice Foods.. J

Baker inds !

Ball A Howell ...}
Ball Industrie^. .j

Bendlx — J

Beneficial ......... .

TJdntapiy Inti 7..71
Detroit Edison—

Diamond Inti

Diamond Shank-

DiGiorgio.

Digital Equip......

Dltllnsham

Dillon

Disney (Walt)

Dome Mines

Donnelly- (RR)—

Dover Gorp.

Dow Chemical ...

Dow Jones

Dresser ....

Dr. Pepper., .i...-. ■

Duke Power

Dun ft Brad

□u Pont

EG ft n

Beth Steel | I 84 ;

Big Thee Inds— .1 -174
Black ft Decker..; • 144

Block HR- 314

Bus Bell I 244

Boeing i 224

Boise Cascade—; 284

Borden —1 341,

Borg Warner 1 28

Briggs strata — 264 <
Bristol-Myers- _. 595,

BP...- 194

Brookway Glass. 144
Brown FcrmanB 34
Brown Grp ......... 364

Brown ft Sharp...: 15
Browng Ferrla—i 33ig
Brunswick— .. 23 ig

Bucyrus-Erie 134 1

Burlington ind ... 22i*
Burlington Nrthn 40s«
Bumdy - 164

Torwoghtr .— zr ss- -

CBUnda 304 |

CBS 444

CPC Inti 364

OCX 444

Campbell Red L.. 14ij )
Campbell Soup-. 364
Campbell Tagg J 34 b,
Canal Randolph. 381*

Can. Pacific 24

Carlisle Corp 20

Carnation: 364

Carp Tech 324

Carter Hawley— 12s*

Caterpillar 574

Catenate Corp... 433g
j Cental..-— _ . 304..

: Centex- 1 234

i. Central ft Sw — 164
Central Soya—.. 104 .

' ~ Certain-feed : ' 1 24

Cessna Aircraft- 171*
Champ Homo Bid 54
Champ bit..— 153,
Champ So Plug- 8

Charter Co #4

Chase Mruihatt'n 39Sg

Chemical NY 315*

Chasebr. Pond... 3*4
. Chicago Pneum- 12

- Chrysler. ..... 84

* Chubb 534

Cigna

Cincinnati MD
Citicorp-
Cities Service
City Invest— - 214 I
Clark Equipment 23
Cleve Cliffs Iron. 204 |

Ciorox 144 b /

Cluettt Peaby —

CooaCola—

Colgate Mm
Collins Arfcmon.

Cottfnds

Ensereh- —J 194

Esmark. -.-J 454

Ethyl 26*e

Evans Prod 9 ■

Ex CellO 264

Exxon-......-—- 284

FMC- 275*

Roberge--- If 4

Fedders 34

Federal Co 204

Federal-Mogul— *14
Fed. NaL More—

Fed. Paper Brd... 204
Fed. Reaouraes- 3
Fed. Dep. Stores 404

FleldonstMl 204

Firestone-..,.-.-..., -114
1st Bank System 294
let Charter. Fin- 144

1st Chicago

1st City BankTex
1st Interstate..—

-1st Mississippi-—
1st NaL Boston...

let Penn.-

Fisone-

Fleetwood Ent...

Flexl-van

Florida Pwrft U.

Ford Motor

Foremost Mck.—
Foster Wheeler.../
Freeport MoM— J
Fruehauf. 1

gap... : —I

GATX.

GTE Corp. .-.—.-I

Gannet....- [

Geleo... — I

Gen Am Invest —•
Gen Cinema .—..I
Gen Dynamics

Gen Electric

Gen Foods - -

Gen Instruments

Gen Milla

Gen Motors

Gen Pub Utilities -

Gen signal

Gen Tire .. — —
Ganesco 1

Genuine Parts—

Georgia Pac

Garber Prod

Getty Oil

Gillette

Global Marina—.
Goodrich (BF) ...
Goodyear Tire ...
Gould-.—' — : —

Grace -

Gra/ngeriW.vyj...

Indices

.1 364 ;

194
4BM
264
9

274
284
275,

175* Krog-*-
34 LTV
304 Lanli
214 Laar-Slagle
134 Lease way
204
04
40 Eg
204
114
294
14»S

Marriott

Marsh
Martin Mlt»
Maryla *
Masco

Masse -

Mass
Matte-
May DapLStrs

Maytag—

McCulloch
McDermott URL

McDonalds

McDonnell Doug
McGraw Edison
McGraw-Hill ..
McLean Trukg

Mead

Media Genl

Medtronic

Mellon Natl . —

Melville ......

Mercantile Sts—

Merck

Meredith

Merrill Lynch ...

WEEKLY PRICE CHANGES

NEW YORK

■Msr

Aug. Aug.
23 I 20 I

(Since CmpIFf n

High Low

SA' 'vSf i(8!® J 'S&

H'meBnd* j BS.Sfr. flS.wj &M] 6BJT|62£7 62-51 | : - —

Mja ' =»■«; •« 1 jsa gs,

TradlnoVol 1 '■ j .--I l I 1 . • |

000 -r (7S,«lfl;i6I I 35llM8^Mim.BM!1IO,BIB!flB.8Sg “

I . 1 •] .-'-i-- 1 I 1

e, Day* 8 high 805.84 low 874.14

. 1 — ... Aug: 2D | Aug. IS- l Aug 6 Year ago (Approx

! b«h«f ! dhr.ylMd* 6Aa Tja ,

Wall St oflf 4.7 at 1 pm

was low at 1-pXD. Among Mining issues. Falcon- . stocks exceeded buying in the
with the Dow Joses Industrial bridge dropped Slf to- S441, week ended August 20 for the
Average off 4,7 at 867.66. Declines Camflo Mines 5 to SSI, Tcck Class fourth consecutive week, said the
led Advances by two to one, and "B" $ to $7* and Hudson Bay Tokyo Stock Exchange. How-
volume was about 39m shares. Mining f to sfo}. ever, net sdllnc narrowed

Analysts said investors were Moranda, off J at $151. said sharply to Y.TOOai from Y31.3bn

worried about possible increases it expected to resume full con- in the preceding week
in U.S. interest rates and' about tractual shipments from its r
the outlook for the U.S. economy. Canadian copper refinery in vrCTIIldny

However, stocks were above their October. Workers were returning nriAP , jn

lowpatatoftheday TheAver^t to work ?es terd«r «f,er accepting a.g'SdSFSdlS in^
fall Si points In heavy trading Noranda’s contract offer. • ■ • ^

after the market opened. The Montreal stocks were lower as rate

New Tork Stock Exchange Com- the Composite Index fell 2.21 cuts ‘ failwl to aroSde furSe?
posite index eased 0.51 to 66.72. points to 272:26 on volume of SSiiS deieis SS
After - a opening, 308^60 shares. Among the in- However. AEG closed DM 1.70

pifton-. rose $5| to- S45| after it dices. Oils fell 739 to 491.46, te£her 4t u M 33 on ristag hopes
accepted an increased bid of Utilities dropped 139 to 20532 ^ ^ Government -will grant
$46 per share from Dyson- and Industrials retreated 236 to DM 1 { ba in ttwlit guarantees.

'Bendi* . • ■ In other Electricals, Siemens

34J to 559. The board of Marita The Vancouver Exchange in- rjvr e»n to nu 222.00 In
Marietta is meeting today to dex was off 238 at 811.16 on Banks. Deutsche fell DM 5 °0
decide whether to - accept turnover of 2.Slm shares. l0 DM 253.80. Commerzbank

Bendix’s offer. — - DM 2.70 to DM IIS.30. and

Eastman Kodak was' up Sli to ;TokyO . Dresdner DM 2.30 to DM 118.70.

■$791 ^fLCT its disc camera . The Commerzbank index fell 10

received favourable Tress com- Share- prices were -mixed to 66<?S

in ent through the day in tMn tradinR p0 jS.^ i fboi l i orices fell on

The' bulk of issues were .stall as investors adopted « “wait-and- ^^SStie 6ellii?5 presSre after
lower, with AMP off SI to S54|, *e" attitude in view of the yens Frjday . s Wfl * c j 0 ^ j n t £ e u.S.
Jim Walter $3J to $18, Homf- setback, against the dollar and markets and the dollar*

stake Mining $1* to $30, ASA uncertainty over U.S: interest sSngt^ dcalers said.

$14 to $378, Raymark SI? to S7? rate trends, dealers saad. Satur- u b ’

Teledyne $14 to S94|. Sohio $1 day’s trading had brou^it sharp C w :f 7Pr I a nH
to $304 and Trane $24 to'S26J. falls. . ^ A w J «3WllZCri*UIU

United Carolina, fell $24 to Nikkei Dow Average shed Share prices eased on smaller

$14 and First Union was un- ®-“7 °° volume of volume in reaction to recent

changed at S19|. First Union 1-fon- shares. .Tfce Tokyo > ^ock g 3H j5 md Friday's lower trend
said it. had decided' not to 'pur- Exctrmse ^dndex <npped i.OS to on Wall Street, dealers said. They
sue its takeover hid for United 530.06. Issues related to the at tded that the renewed strength
Carolina, following the rejection Governments public spending 0 f d 0 j] ar a nd the contimung
of its offer. plans, such as Oils and Foods, attraction of dollar investments

THE .AMERICAN . SE Market feh slightly, although non-ferrous had encouraged many investors
Value index lost 2.15 to 27336. metafrand spmdatives were m tc ta j<e funds out of ihe Swiss

Volume 2.85m (437m). de S. „ , . , * market ,

j Topea*.- TAotor shed Y15 to - -Banks lost ground, with Union 1

'•Canada Y862, Nissan Motor Yll to Bank or Switzerland, Swiss Bank J

: i—'-n+A VF62, Toshiba Y3 to Y31S, Corporation Credit Suisse and s
Ma,susl,lfa Electric YlD to SiriJ? VGlfibBok Ml relreatmg <
Y1 - 070 - Nippon Oil Y7 to YS57. Engineering issues corudnued to ■
; 555 °. T4kl ° Mar,ne 00,1 FlrP V6 to slide, wllh Brown Boveri. Snlzer, ^

« Y440 anA Sumitomo Metal Y2 Fischer and Von Boll ail lower.

hiir ,ff of I4 27ftJ In the Bond market, turnover

l^BYLo to turnover of Z.78m However. Nippon Steel rose was considerably he low last week, i
shares. Falls led rises 253 to 104. yo to Y137. MlLsnbishl Electric driers said *

All 24 of the major indices lost Y5 to Y261. Canon Y9 to YS41. ' d

deficit of FFr S.Mbo for July
discouraged buyers, dealers said.

Brussels

Belgian share prices were
steady, buz foreign share prices
were mostly lower in moderate
trading, with investors cautious
after fails on Wall Street

Milan

Prices firmed moderately in all.
sectors in modest trading, dealers
said.

Rinascente continued to climb
in the Retailers sector, rod
Stands firmed on rumours that
Montedison might cede control
and that there might be m an a ge-
meat changes.

Ambrosia no-owned Banca Cat-
tollca del Veneto and Centrale
rose among Financials.

Singapore

ground. Kawasaki Heavy Industries Y2

: 1/0 Y160, Sony Y10 to Y3.3SO,

Closing prices for North Sumitomo Metal Mining Y20 to
America were not available Y885.

for this edition. Foreign selling of Japanese

Paris

Share prices were mixed in
moderate trading. Friday's news

Foreign selling of Japanese of a seasonally adjusted trade

CANADA

AMCA Trjtl 17*.

BELGIUM (continued)

AUSTRALIA

Aug. 30

Shares were mixed on lack of
buying support alter a steady
opening in selective moderate
trading, dealers said. The Straits
Times Industrial index fell 0.63
to 621.86.

Stockholm

Shares closed weaker on large
turnover in the absence of fresh
hciors to motivate buyers. Indus-
trials were mixed. In Bonks,
Skandlnaviska Enskllda Broken
eased SKr 3 io SKr 229, and
Svenska Handelsbroken shed
SKr 1 to SKr 107.

Australia

Shares fell marginally on low
turnover in Sydney. Traders
were unwilling to commit them-
selves in the face of uncertainty
over U.S. interest rates, brokers
said. The All Ordinaries index
fell 13 points io 4S1.S.

BHP at AS7.16 and MUf at
AS3.1S lost 10c. while Bougain-
ville fell 6c to A51.49.

Among Gold*. GMK was 20c
down at AS5.30, Central Norse-
man fell 10c to AS6.10 and
Poseidon shed 10c to AS2.90. Oil
and Gas stocks were mixed with
Santos off 4c at ASS.tfi and
Bridge down 6c at A $2.74

JAPAN (continued)

26*4 B6*t

ACF Holding

Brunswick Oil

Air Uquldo

AulcurGan- 1 14S.DP0

Banca Com'le ....! 52jMb

Bastogl IRBS....-! 80

Centrale - 2,950

Oradlto Vareslno; 6,100

Flat- I 1.730

Flnsldor- 31.4

Invest.. 2,445

ttalcementl 28,100

Montedison 103

Ollvattl • 2,475

Pirelli Co 2,630

Pirelli Spa i 1,332

SnlaYisooaa 716

Toro ASslc 12,200

do. Prof. 9,150

357 i —S

400 | -8

SOUTH AFRICA

HONG KONG

Aug. 27 S Price I + or
I H.K.3 I -

! Price i +or
; Rand . —

lSig

I 19

8.00 I

8.00

SWEDEN

Aug. 30

-1 Price + or

1 Kronor —
r—

STANDARD AND POORS

InoeOmplItTi

High ( Low High

Aug. I t - 1 Year ago (approx)

soa is! 2S7.Bg: JIG MI EBO.BS! 312.79 (4.1) . *49.68 (21t8) .

mm. m#; : J mstm

1831 (2176)

Thuiaday . '

Msrtm.Hitalf ;...
Eaton- „
Owena-Carn

NEW YORK ACTIVE STOCKS
Change

Stocks Closing
traded, price
. £100,600 475*

1,133,600 S>«.

1,170/100 41

am.ow- 28>, :
7X7.B0D . 18?,'

ATT.... 695.900

ISM 683.500

Phibro-Sal'n ... 640,400
Comw. Edison. 632,100
Chrysler 588,800

Cheng

Stocks Closing on
traded price day
696.900 . 55h. -1h

£ 1 . 187.5

- 5.5

; 74 . 70 c

- 2 -

Wtti

S 293 ^fi

+ BA 6

£ 240 y

—

50 o

£ 245 y

* 630 : 640 y

— 15

£ 92 ys

-9

£ 240 y

(5640/660

£177

f Unquoted, fg) Madagascar, (e) October, ft) November, (*) September,
(y) August-SepHRibar. (v) Sepiember-October. * Nominal. § Ghens cocos.

AGA.— I 192 !

Alfa-LavaJ.... 220 j

ASEA (Free} 191 ,

Atlas Copco I 88.0:

Bolldart j 162 I

Cellulosa...^; ....I 242

Electrolux B ’ 83

Ericsson 248 i

Esse ftel Free) I 152 J.

Fagersta ...I 139

Portia (Free! | 201

Mo oeh Dom 106

Saab -Scania. 152

Sandvlk B (Free) 160 I

SKandie ! S40 :

Shan Enskllda....! 219 !

SKF B.h I 110 •:

St Kopparbsrg.,.! 282 ;

Sven Handelebn.. 108 ,
Swedish Match.. 116
Volvo B (Free}....i 166 j

SWnZBILAND

| / + or

Aug. 30- Price -
'Fra.

9.85; -t-0.55
4.75' +0.56

-TS JAPAN

Aug. 30 ; Price '+ or

; Yen ' —

1,2861 -6

VereIn-we*L»^_

Volkswagen.

Ajinomoto.

Anteda

Asahi Glass.., ...

Bridgestone

Canon-

Citizen

Daiol

DKB

Dal Nippon Ptg..

Dalwa House

Dalwa SeiKo....^

Eisara_

EisaJ

Fanuc-..

Fuji Bank

Fuji Film.

Fujisawa

Green CrossM^,-
Hasegawa....^.,.

Hoiwa Real Eat.

Hitachi

Hitachi KokJ ...»
Honda

Hauiafaod

Hoya

Itch (C)

Ftp-Ham

Itb-Yokado

JACCS

JAL

Jusoo

Kajima

Kao Soap.....

Kashiyama

KikXomao

Kirin 1

KokUyo j

Komatsu

icomatsu pint-.]
Koniuiiroku^.v....!

...; 798 . +B
...I 451 I -It

... 464 :

...! 433 I +3
.... 841 1 +9
256 -8

... 600 , -1

... 484 1

...' 630 i -5
403 . +1

390 [

..| 448 I +7 .

,. 807

..(3,950 -S

..1 600

„;1^60

J 1,310 —20

..;iA8o -20

.. -475 —4

ul 622 -6

Financial Radd US$0,771

(Discount of 12 %)
SINGAPORE

Aug. 30 Price 1 + or
3 1 —

Bouetaad Bird-
Cold Storage^

dbs_

Fraser ft Neave

Haw Pat.

Inehcapa Bhd«
Malay Banking.
Malay Braw...to

OCBC

S/me Darpy

Straits Trad I ng-
UOB —

... 1.59
... 2.9B
...1 1J6
5,20

2A5
..J 1.96
.J 6.45
...j 4.44

J 7.65

J 1.72
_ 4.46
J 3.40

G13
.1 547
.1 742'

. S 30
. 705
. 862
J 353
i 920
} 410
-2,340
560 :
326 .
I 477 ;
i 873

: -369 '

' 363 1
; 870 <
475 j
360
I 865 !

BRAZIL

+7

Jl Aug- 27

, Price : *$■ or
Cruz —

Aeesita ' 1.66 :

Banco Brasil 16,45; —0.1!

BeigoMln : 3AO — OJ»

Branma PP. ■ 7,52 -0.11

LojasAmer- * 7.60 +0.K

Mannesman n OP • 2.35
Petrobraa PP_ ... 11.70, — 0 jfi

Souza Cruz 11.40 — 0.05

Unlpar PB.._ 7.60 — OJM

Vale RtoDooe- .. 16.40 -0^0

Turnover: Crl^U9.6m.

Volume: 179.4m,

Source: Rio- de Janeiro SE.

- 1 !

2^701 -50
2,160 -10
14,260-

NOTES— Prices on this page are as quoted on the
(ruBvMuef oxchengee are lest traded prices. fDeettnt*
suspended, xd Ex dividend, xe Ex scrip Issue, xr Ex right*.
xaEx an.

4

CURRENCIES

Financial Times Tuesday August 31 1982

UNIT TRUST INFORMATION

i

» i

| -ft
\ a

"■i A ^

c: n-

.Iiinr
v. strop
cron-
•> la tos

* Th
I if w.
it s'rer.

v/ftiit

5> Sure,
ti • At;
? f
r v i!! ;
t ‘-tun
? it ni
s belie
c ence.
c A

c 76 Pt
I they
hurt
. 1 Th

* as ;

»

. t

ACll
laiter
; morn.

: defier

: roces

- prote
perfo
outsit
Tht
a chic
grour
f reces.

.indue
, -Tallin

“ernm-

•ficalii
‘ ***.shal

price
more
, "direr l

: ins I* ;

'* Las .

wiioJi 1
forei-

3 Rut L !

r I’Hr :

1 19S2

shly

1 Mini' i
l? \

1 dot

* ffii'

r sr

1 W:

' LS"

»■ r

efi

,r fot
s» DVi

R! (a-

w ti’o

ru

m ox-

r« ;ht

k

money markets

BY COLIN MILLHAM

The

STRONG SIGNALS from, the
.-Bank of England produced the
desired effect of forcing the
clearing banks to cut another -i
per cent from base lending rates'.
But London began to show

to quality

abbey Unit TsL MngR. «)

sSSbzHS’ ejaa 1 !®

MU Cnretti ...

An» mean Growth. K41 frS

as 3 B,tBTO j? ■ *1

IW&owJj --^9 iin

tolMls (557 +0J

AUTHORISED TRUSTS

RSdudWd JmMB W Wnt

IJbnbarySb.eC&VZlV *

ISSSaTxnrEm h . £131 !8 .

last week that it is not totally sale refuge.

This was graphically
Illustrated by what one London
dealer described as the flight to
quality, with yields on U.S.
Govermnent stock falling
sharply as investors sought a

insulated from the problems of
the IAS. banking system. The
upward trend in period rates
after sharp reductions in the
Bank of England's money market
dealing rates was not simply an
adjustment after the over-
enthusiasm of the previous week.

There are a very large number
of TJ.S. banks trading in London,
and the problems at borne were
obviously having an impact
New s that Chase Manhattan ex-
pects no loss from tbe failure
of -the securities dealer Lombard-
Wall win help restore some con-
fidence, but the basic problem
of the debts owed to U.S. banks
remains.

One-month Treasury bill
yields fell to just over 4 per cent,
compared with a one-month bank
certificate of deposit rate of over
9 per cent, while in London mar-
ket nervousness was illustrated
by the widening differential
between sterling certificates of
deposit rates and interbank
interest rates. The lower rates

fallowed by a cut in its discount
rate.

German, Swiss and Dutch
central banks fallowed suit with
discount rate cuts, which like the
signals on base rates from the
Bank of England were designed
to give some relief to depressed
economies. France would doubt-
less like to do the same, but as
British Government ministers

are only too pleased to point
out. socialist policies are now
having to be paid for with eassn
higher French Interest rates.
Downward trends in official
interest rates are likely to con-
tinue in the near future, but as
the London market fears this
may only be a sign of the grow-
ing movement into safe Govern-
meat stock.

aasiS? in • as ||

i?KCmnhZ—.Zl «L9 iSj 4jn

toltetls 557 .Mi -Ml 4J0

Wbridw* Bond 10&1 lit- -• j

IiwTslW. 54.6 SWo

EqurtJsProa. -ZJ9M iWB+M

Allen Hra 4 Rm iwt Tst

4ft(M*«.Uin*»Ee3V3ML

AHRGitlTrw HOIS h**t -0* lWZ

Allied Hambra Ltd. fa) (g)

asuMnjmfcr

Cntgmount Unit Tst Wfn, Ud L * C Unit Trait Mauagywat Ud L • S^SSS^iSfL

BudrierdXty. Umon EGW 880. 7tyStodtExriWB* toiric»re2KlHe 33*93! nfi r^k^rT^-T

jwsfcfii awftdiH is

^ BSe=ibh

iSS^ BM SSS 3 JWS'tWttBHSf U4, «L4awfi«ffiq

U8 SioSww P m ms—i 2% *CSnnfcrOn.^J

Cues. High. Hi .. W.0 Soj 8.09 Lcotoum U«7 &M J I Z2B -

aea&B \i

Cm. Tokyo. -fe.* »3-C0l £S Rfgbtr^ D« 0^ Gtrta a^ySe*

OarOoHm Unit Trust toigL Ltd. ^ -ta

o»rttn9mTot«3.ftswT096JE aacaabzzn aZuvmJZZZZ Sw *£

Tool Pat Oft TstiZU M| -.4 Jg^ 7 ^

WKurtkwMT Unit Fund Ml— in Irfnkiccm. . |M L»e flL-Hfl

36138 New Srasii Si, EC2M1NU. 01-6364485 Po-Oa untJ «.*?. IffS ^5 S

Bontar-IMt That Mmgeis un — &£ £"3 ^ ' Sf

5APWMaa.UaftnSW15JHL OWOOZ122 £l iSSSia’cS: SI sisJ +0i 13 Rtwal London VnB

S5Sl£^fe ll:i SES££E

5,£SSL!SS.?S t 1 ££jam || |||| || SSMfl

trasssss-65 ads*"’**-®- -*»«* sssr^a

zm

Legal & Genral fZMft Tst, Mmya JUdL
5tMMghW.BreBI . wnoJ 0Z77ZDZ36

fi£=BK SMI-II

RMtoelAr.'Aaset Mm
a. I— unto eSk

“OT&Wi

fWuTOH

72«tGM—M.AvMisy:
«tCBwte»~B3U S

WEEKLY CHANGE IN WORLD INTEREST RATES

! Aug. 27 (change! * Aug. 27 iehange

LONDON 1 NEW YORK

Bose rates (Ids j— 1« Prime rates :15I* — Jj ,

7 day Interbank 'HUs-lHa — ii Federal funds 1Q-IOU -i l < .

3 mtfr Interbanlr llQUjm -xir 3 mth Treasury Bt/li ?■?? “‘S'En i

SStJUSt* affiSS (Sttw* ii&is iJSffi.S 5 SffiS 12 ®

having paper to sell at times of
uncertainty.

The Federal Reserve
attempted to reassure the mar-
kets and point the way to lower
interest rates by injecting large
sums into the money market.

Band 1 BUKs
Band 3 Bills
Band 3 Silts

loss- 20 L —Sr

iIOIr :-iR

IOSb ' — »c

, FRANKFURT

Brentwood (0277) ZJM 9
Balanced Ftasb

Allied bt—

BriL MS. Fund. 851

Growth i Income bib

WhedtiDhal 1ZL7

HwiSmFund MJJ

HamOxo Ace. Fund |2ZSS

Ip c— w PM

Hlnh Income [21

Gout Secs. M.I29A

Inttmstttssi Fomh
lnenuHanaL-.__.inV
Japan FiM.

P«allc Fund (gz

Amentan Spec. Sfts. .
SeefcOfAfnenca — H£3

nanao tuns .j-w — *b . i 8,00

1 IMh !iSi?‘ 1D U ! H“Ki On? Mth. Interbank ifLAO

BANK OF ENGLAND TREASURY BILL TENDER

• Aug. 27 Aug 20 j 1 Aug 27 Aug. 20

Bills on offer- - — | £100m . £100m |Top accepted

Total of i ■ rate of discount' — i —

apolicatlons £396.9in '£491. 16m Average

Total allocated—, £100m : £100m 1 rate of discount, 9.9178%. 9.9694%

1 Mth. Bank Bills

3 Mth. Bank Bills

TOKYO

One month Bills
Three montf) Bills

BRUSSELS
One month
Three month

AMSTERDAM
One month
Throe month

!l0lg-104r Unch'd

Three month

) PARIS

_ _____ 1 _ _ ' Intervention Rate

7. 093 7 S -0. 5 1261 j Mt h. Interbank
'7.34575 jUnch <(> Three month

. MILAN

135* I One month

i13Tj 4.yg Three month
i 1 ' DUBUN

|7f» —At 'One month

74i ■— n .Three month

(inch'd

— rk
. — A

m ll *o.J
MS -07
1303 ■NJ.J

34.14-03

31-0/

77.« +QJ

£S3-A7

EMI Radi

iSSSExeW [56.7 M3J-0U

Far But E«rmt — 166.4 M d -fl 4j

Smaller Co. Ex«not_JllL2 116.81 +03
U SA. Banes L J3 na Bod *2%

Anderson UnU Trust Managers LW.
62. London Wall. EC2R 7DQ 01O3S

Anderson U.T K7J 73J| _ . J

Royal Uft F«. Hgiwi. Ud. r

NwH»Hte*LterPWlL«3«S 0530974487

Rofrt Landoa Vatt Tst Mgrs lid '
Wffflwstof Hs£ Ucteder; Qua ' 02064405'
CgJMJimmlMLJKSB

Boel Tf*. Ca, M. Mats. Li«L
a^CwngnSt, Lwloel^l bLPOMJMWS

Equity 4 Law Un. Tr. M. (a) (b) CO Lloyd's Lffc Unit Tst. Nagn. Ud.

0M33&7 2.SL UatyAm. EOA3BP. msDbl 1A ' Save * Presym

| +03 AS Goaty AcainLt2)_|303J5 - 31551 — i 3-W 4. Crest SL HeWn

^ Local Aattiirttte- Mutual kiv^ Tjt-

4 ^ j 01 ^ 8 ^

LomIob EQP.yEP .

accepted bid.. .. £97.51% - £97.505 Amount on offer

Average yield ! 10.15711%, 10.25%

Allotment at
minimum leva

at next tender.

London— bond 1 bills mature In up to 14 days, band 2 bills 15 to 33 days, end
band 3 bills 34 to 63 days. Rates quoted rapreaant Bank of England buying or .
wiling rates with the money market In other centres rates am generally deposit '
mss in the domestic money market and their respective changes during the
week. * Bend 4 10V 1

Anstacher Unit Mg mt Co. Ltd.

1, Noble SUEC2V74A. 01

feJSSfSr’.rB” ”HJ:

agars Ud. FUaUty In tern a t ional Managcmant Ud.
01-6381200 Rlwer WaB^ TanArldar, Kent 40732)362222

73J) - . J 3J.9 Aranlcadli) KU 44M +0R[ QJ5

... Anar. Spec Sty. U1.K3 2?a -iM —

L Ltd. GW&Fixtd>m EW2 ~8jf ms

01-2368181 CrtMVi&lioeM.

ssawE

FT LONDON
INTERBANK FIXING

3 months U.S. dollars

LONDON MONEY RATES

S5iasuaa«jai-i

STE SCiSB - tSMT^lS M=d IS

| overiMTg i i m w i lLooal Auth.l Finance i .unwanii ,

[Certificate Interbank . Authority i negotiable House Company Market [Treasury Bank

UdlO ISfIB

offer 101B/1G

6 months U.S- dollars

. 1982 1 of deposit

Overnight- ' —

8 days notice...! —

7 days or J —

7 days notice— I —
one month...-.; lO^-iai*

Two months lOiji-lOre |

Throe months. lOy-lOia i
Six months I loX-lOA |

SEE
sail fit a«ss

ii-uu
acij-iirt
105* 107s
lOfc-io/a
lOKrlOre

bid 11 13118

offer 11 16/IE

Throe months. lOu-lOis i 10^-10

Six months. I lO^lOtx I 10^10,- i

Nine months...; 10^ lo£ i lon-io}* ;

One year lO^j-10^ [ lOJi-lDii >

Two years. I — I — I

llig-Ul*
lUs-lUs
31l8-l07«
978-998
1040. 10U ,

ids-lOk

Deposits [Deposits [ Deposits I Bills*

lOlg-1034

20)r

10's

10

The fixing rates (Aug 27) am the arith- ECGD Flxsd Rats Srertlnn Expert Finance. Scheme IV Average Reference Rate lor interest period 19 July to 3 August
mafic moans rounded to the nearest 1382 f inclusive): 12.143 per cent.

, , Local authorities and finance houses seven days’ notice, others seven days fixed. Long-term local authority mortgage

ons-asenenth of the bid and offered rates, nominally three years njr, per cent: four years 11 per cent: five years 11}* per cent, bfiank bill rates in table 1
rates for SlOm quoted by the market to an buying rales for prime paper. Buying rates for four-months bank bills ICPu par cant four months trade bills

five reference banks st 11 am each Approximate selling ran for one month Treasury bills 10 T » per cant; two months 10*i* per cent and three months
working day. The banks ara National 3“u per cent. Approximate selling rate for one month bank bills ICFa par cent; two months 10V per cent and three

Gin fFbed .
rAceumiatkn)
Hiflh Inosne ...

lAjXUnWulkxi)

f8Ji% Withikawaf I

H l^i Yield

IAawrs4fltoi)

North American

Pre fe ierc e

f Accunxtedex*) „
SmUler Coneanla
(AccurnulaUonl

|4| Fnce* on Aug 25. Bed tkeBiv Sept L

23S Fraud! ngton IMt MgL Ltd. (a)

6A London UMLEC2M5N0. 01-4285181

f® Amir. & Gen. NU 100.4x1 +LR m

(Acaxn. Units).— — _ 91# 101.2 +l3 104

inSS Am- Tarountf 9B.I 9A< +l3 LTD

9S 32 M iS

ss gssiflft sr:p % M &

g tAcosn. Units) S5 UJ +03 #S

E xtra ^Inrom* T wA — 5jL6 572i +£« 881

(AQU?%lb^_ll 77J# 83.1 lj

(AcQum.UMU> K3 49AI-KL4 467 &S5c««a

Robert Fraser Trust MgL Ltd. (Accan.j Mai.

28b Atararle SL. W JL 1 CL4V33Z11 S^T9S3Sf ,ilB -

BteLFraterULTa. Ptt 612J __.J 400 ,Aeeun wu3 -

gsg&tt-fzm 22 . '

HM liKmos Fame* . - .

FlmdMeJ^^ : ^ ^ ^ .

S gOtor Fon te ■ ' „ __ . . '

NewTeeMAWirr-Hu ' 51 U +o3( ft*- • i

7i«e ^ — i

fed. Send Fd—

Dmt hnk

JumwIiwnW*—

-Focrs k" «5i5
Scotbit* sZarttSa

71 4-JZS

Westminster Bank, Bank of Tokyo,
Deutsofm Bank. Banqus National de
Parte end Morgan Guaranty Trust

months per cent: one month trade bills lO^u P&r cent: two months 10k per cant; three months per cent.

Finance Houses Base Hates (published by the Finance Houses Association) 13 per cent from August 1 1982. London
and Scottish Clearing Bank Base Rates for landing lO 1 } per cent. London Clearing Bank Deposit Rotes lor sums at seven
days notice 7V-7H par cent. Treasury Bills: Average tender rates of discount 9.9176 par canf Certificates of Tax Deposit
(Series 5) 11 per cent from August 13- Deposits withdrawn lor cash 9 per cent.

Archway Unit TsL Mgs. LbLfaXc) 2Bi AJbarwle SL. W JL 1 QL4993Z11 SmsflrrCon wihB -

SIT. WC1V7NL ^ 01-831 1£33 MUS^J S ,Acn *“ Ud * W -

ah d» Sox i FHends Pr y, Tr ust Managers (aXbXc)

ArttwrigM Management Frauti pS.'iwte^iTE.o QwnbPodAugi7-

PaKdMeeGdns.lte.dner 061-834ZB2. pSSte^!Z:B!& laS^Oll 42

Arkwright Fd Aug 24. [1908 107JI 4» ln Court* PtmlonBiAsgatlt lw>D

nT^ A A^?“~[Si $9 tii IS *tjS3SiLcte btptet |C*L S raSSuSS).

IfflM

mSZI

^-=1 mu

Sebradsr Unit Trust M l Wflf r j Ltd.

14 JbmSlv WC2 0705827733-

Cw« UTki Wil +17f 272

lAccnm UottO

Income Fnd

f AuxJm. Units)

(ten.

(Acorn (Ms)

tecSmTUoitsL
Co.‘s .

Units)

EURO-CURRENCY INTEREST RATES (Market closing rates)

Aug. 27 I Starling

Shortterm I 11-11 1<

7 day's notice....! ll HU

Month U-lUs

Three months. 10V107 a

Six months j i0J*-i07a

One Year - 10S*-107a

Canadian
Dollar

91«-92( 14V162*

91j-9Si 16-16

10 10U 143a- 14S0

11-11U 14 la- 143s

12 12 >( 14Ss-147g

12lg-123« 1412-14=4

14-16
171n-191g
1820
20 22
19-21
19-21

16-18

173(-193(

ZQIs-SHs

2088-2138

2112-22

2138-22

Belgian Franc
i Conv. Fin.

. 12 1;- 14 U ' 1554-14
13-1454 1554-14

1 15U-14 1334-14

! 1354-1412 1534-14

' 14)2-15 1354-14

I 14-1412 1 1354-14

I 137S-153S

( 13 Li~ 1434
) 13ie.i47 #
( 16W-1654
] 16-171*

SDR linked deposits: one month 10 n a,-11 1 u . per cent: three month 10>5 u -11 1> u per cent: six months 11 7 :i*-11 u i4 per cant: one year 11V12 per cent.

ECU linked deposits: one month 12»i*-13^ por cBnt: three months 12» 1 u,-'i3*i* pur cent: ei* months IZ^e-ISh* Mr cent: one year 12V12 S 4 par cent.

Asian S (closing rates in Singapore): one month, 9VT0 per cant; three months lO^a-IO^u per cent; six months n u i4-11 u M per cent; one yaer 125 m-12*u per
«eoL Long-term Eurodollar; two years 13V13i per cent; three yurs 13^-14 por cent; four years 14-14V per cent; five yoare lAH-l* 3 * per cent: nominal closing
ratea. Shon-torm raiea are call for U.S. dollars, Canadian dollars and Japanese yen: others two days' notice.

The following rates were quoted for London dollar certificates of deposit: one month 9.90-10.00 par cent: three months 10.55-10.66 per cant; six months 11.70- ]
11.S0 per cent: one year 11.90-12.10 per cent. I

Do. AibL Acc.

Do. 4 ibL Inc.

Do. Capital
Do.

Do.

Do-FimncUd
Da 500

Da GA. & FdlU. N il
D aGtr. Pacific Acc—
Da Go-. Pacific Inc.
Da Gn»rUiAcc._

Do. IncomeTnm
Da Prf.A1ni.TK.

Do.

Do. Trustee J -
DaWldwSdeTjL
BbtilR-FdAcc.
Dalsceme

(Accwn. Units)
Tolryo

f Acom. t/Ri Cal
GHI C fixed __

Gnns l«c Auq. I s ) — 15.1 ©3 .... J IZT2 MaWiteUMoncyf=d.-[ — . — f ,_J 2124

HMiYMdAug.l9__|gi6 77Ad J 103 ninautohad—Cdl Dcpodt Fond.

"CteBdv Rttektrd la mate order Cent cantieL

m3 *0/
mid

5Ul-M).<

fjX G.T. Unit Managers Ltd.
g"_3 16 Flnduy Orate EC2M7IU.
5.02 G.T. Cap. Income __(L6A6

tAl Da Acc__ 320.4

SJO 6. 1. lacTFd. TO.?

10?® G-T. U5.SG«i L.Z2L2

L29 GLT.WKBd.n WA I

L» G.T. Japan &Ca>-_lK3 !

413 gy 5

S.»3 6.TI European FUTd-BlS

01-4288131
a+0 a 3.40

3+53 340

j +$3 y.M

MnuUfe Mwf emen t Ltd.
SLfiaenrtW* Sutcnage. 0*3836101

lAmm (IMS).

SKm»re&M>l4y
ItocunL IMed
6101 "P A C FtL An
3J2 *RrcnwTYAug _

4^ -Spec. Ei.Jiua.34_

'Eure Ex AugHL—.fVJh JS
*Fcr 131 asm ftedt 1

tin M ty fl ti W M 1 M ne g tn ac n* Ca. Ltd.

r? m M-iaaeste^uaWTAU^ OMUB* Scottish Amfobfe <QV. Mngrs. Ltd.

SI 350 St Vhurt SL Glasgow. 041-2*82323

150 nSfAtyStS—rsI £t 3 i la Eguty TniE AcaBL_|ZZ4JI 1284 40.71 iSL

Baring Brothers & Co. Ltd.
ft BWwpspatfv EC2N4AE.

Stratton Trust CUB 407

133.3^3 & * A. TVwt <■) (BJ

969+53 Is 5 Rmrlekih Itaad, Brentwood (027
G.&A. (XU 5361 M

03- 2® 3833 Gnimore Fbnd Managers («Kg)
407ij“ Ti^ 01

•“sdl 4 * ^ O! f!5^> AreB06 ---' ■

•b.4 OM Mcdnafly Fund Muiagejumt Lid.
9BJl4(La 100 RmteHse, KfngWOtenSL, EE4_ 01-623 4451
Debt* Inc. Ttf. Acc. -095- *2J1 1 a 71

"XH?**™* S I.d IS

SSJSKLZI 5-13 Gbn Fi«l me. _^_f7X* «3| ,._J 4JK

nt Ltd.
«^01-«3

350 St Vfaunt St Ctegow. 041-2482323

Equity Trust Acaxn.. (3195 12&8f +3.71 S J?.

Scottish equitable Fond Mfpv Ud.

28 SL Andrews Sq. EOnfaugfi 031-5567101

jS^uSS ^l^ i«3 imj ijr

aSEg sty weftMdv.

Aintrattan Trust—.. „
BWiapsgate PMgressfve MgniL Co- Brttid>T$t.(AccJ_n095
Stock Exchange, London EC2N H33- 01-5886283

irMtoPmnSmin 19711 MM J 510 ODflwTipcSty 4

■KM GtynFi«line._47M M* —I 4JJ6 Scottish Whtaws' Ftoef Mmageoseot

o) „ p.0- 00x402- EiManh EKL65BU C0145S6000

S £5S^5^R?S^y^Sa F««mT 5 tteg27_Il fl 3.» 31111 -4 -
+] cf 0.44 ty*» B07 54JJ — I S .» SfMCO Mcney Hands

CURRENCIES AND COLD

THE DOLLAR SPOT AND FORWARD

Mercury Fund Managers Ltd.

Dollar improves

THE DOLLAR was firmer
against most currencies last
week, despite lower U.S. interest
rates including a cut in the
Federal Reserve discount rate,
and the injection of over SI bn
into tbe New York banking
system on Tuesday and ’Wednes-
day. On the other hand the
firmer trend in Eurodollar
interest rates helped support the
dollar, while European curren-
cies tended to ease as the
German Bundesbank, Swiss
National Bank, and Dutch central
bank cut their discount and
other key lending rates. The
UJS. currency rose to DM 2.4710
from DM 2.4530 against the D-
mark; to FFr 6.9350 from
FFr 6.S5 against the French
Crane; to SwFr 2.0950 from
SwFr 2 0730 in terras of hte
Swiss fTanc: and to Y256.50 from
Y2S4.75 against the Japanese
yen. The dollar's trade weighted
index, according to the Bank of
England rose to 120.4 from 120.2.

Sterling's index, on Bank of
England figures, rose to 91 7
from 91.5, after touching a 12-
month peak of 92.3 on Thursday.

GOLD MARKETS

The pound rose to DM 4.2925
froin DM 4.2725; to FFr 12.04 SJ

from FFr 11.9250: to SwFr 3.64 K mB®?
from -SwFr -3.61; and to Y44559 ftafy ijsi-f^«
from Y444. Sterling was Norway b.s/so-b .62

SSL IS‘4:?!

SierliDg 2nd domestic JUtWCSt Japan 254.(KKSS.
rates remained high despite the Austria i7.ie-i7.3fi
cut in the U.S. discount rate Swuz. 2.0640-2.ia
and lower UK bank base rates. t \j K 8niJ ireisni
The French franc came under discounts apply
pressure, and required interven- Belgian rate

tion in the foreign exchange rur ot

market by the Bank of France, I nt 1r\

and the support of much higher grpr —

Eurofranc interest rates. The Aug 27 spread

Italian lira also last ground, but rpz 1 7326- ~ i 75

showed a slightly firmer trend ciired* £ia 60-2 !ib
towards tbe end of tbe week. Nethind. 4.68-4.72

- , . _ _ Belgium 82.00-82.60

Gold r05e S321 to $416-5417 Denmark 1486-18.0)
after touching a peak of $427- Ireland 1.2430-1
$429. Nervousness about events

Aug 27 apread Cloae One ‘month

UKt 1.7325-1 .7670 1.7380-1.7370 0.10c pm-par
Irelandt 1J310-14030 IJBTO-I^S® OS54J.75c ptn
Cenoda 1^345-1.2395 1 .2390-T.2395 0J3-0.4odis
Nethind. 2.6795-2.7150 2. #070-2.7080 0.50-0.40c pm
Belgium 06.85-47.45 47.43-47.45 14-1 6c die

Denmark 8.5420-8. MS 8.6325-8,6425 2-2**Qre di*

W. Gcr. 2.4400-2.4750 2.470S4L471S 0.45-0, OOpf pm
Portugal 84.50-S5.60 8530-85,60 75-T75C dts

110.55-111.45 111.00-111.20 55-5&C dht
1381-1394 1390V1391'z 12 -1311m dls

% Three %

P-a. mnnthe pa,

034 0,30-0.40die -0,81
638 135-1.80 pm 6.38
-4.02 0.96-1 .02d is -3.18
1-99 1.90-1.80 pm 2.73
-3.81 35-39 die -3.13
—2.96 5V6 die -Z.67
2.06 1.75-1.70 pm Z79 !
-17.55 150-450dis -14.04 i
-8.48 195 220dt» -7.47

- 10.77 34-35 die -10.0 5 |

iSEia^ a ee«a=|f i

IbSSfv Tfl-- s SsEEi i

CanAFo- AaQ2b— 14&7 5Lii| .~-4 4.00 £1891 2a

Bridge Fund Managers (AKc) _ ^

nsqlsNse, MngtMMamSLi E04. 02-6234951, inul Ti lO&lZTT S.4 I

5 §2:-:J if SEfflt! =»i 31

P oSU ‘ jo* '.Z" Ic u^SSHa?Tfua.InJ J

fcKtai^ie; 152.0 244-On .... 6,7V

Inti. BeSieiy lnc-t-_ H25 SO «_. 3S Govctt (John)

Po.«cc4 _30f ... . 3ig 77 Lcmcbn Wall, EC2

DaWag 'Turt. IWkL tlhas. IPrias Aiq. 1771809. stockhokJers Aug 20 .11681) 17f

Britannia Op. of UnttTrwte Ud. faXOls) sl aSSifeff: &Y

rain umvn

6.5750-6.6250 6,6025-5.6125 1.50-1.90are die —'.09 5.40-€.80die —3.39

6.8500-6.2400 63325-6.S375 4^6c dfs

--•-1? 17-20 drs -10.71

Bridge Fund Mwrap e r* (aKc)

IbqlsNse, Ifiny WlUlomSU E04. 02-6234952

A imr. Qm.f I35.B 38M . — 1.47

hKwrv* — 578 £SZ . __ fc.94

Capital lnc4 53.6 57 Jk .....

Do-ewJ ®4 7IW 142

&«™tt 1520 26*-0n .... 6.7V

Inti. Reroiety loci- ZLS 24J 3S

Do. Rr t , , 286 302 ... . 352

Dteteg 'Tub. *W«*L fOws. WeSAug 17718119.

8.0485 -8.1030 8.0825-8.0925 2.50-2.70ore die -5.12 5.20-5.40dis -3.48

in 254.00-25630 256-45-256.55 0. 70-0.60y pm 3.04 2.55-2-45 pm 3.90

ina 17.18-17364 17.30»;-17.31» 2 3V2grn pm 1.81 11-8 pm 2.19

z. 2.0840-2.1030 2.0945-2.0955 1.18- 1,10c pm 6.53 338-3.40 pm 6.57

t UK and Ireland are quoted in U S. currency. ‘ Forward oramlum? and
diacounte apply to the U.S. dollar and not to the individual currency,
Belgian rate is for convertible francs. Financial franc 4S.70-4S30.

THE POUND SPOT AND FORWARD

UK SpecMst Fnfc

Aweta... - ,.R

BCtezJ

Spec. **L Sts. f£

UKBkieCNp— K

HK* laceme Fteah _

Nat High Inc. M

Extra Lnc. g

loc. & GnMtfi ..

GUt —

Prat Shares fB

spread Close On e mon th

1.7325-1.7570 1.7380-1.7370 0.10c pm-par

2.1480-2.1890 2.1515-2.1525 U 63-0. 73c die
4.88-4.72 4.70-4.71 IWic pm

82.0042.60 S2.3S-82.45 18-2Sc die

1435-15.03 16 00V15-02H 2V-3>aore die

1.2430-13430 1.2465-13480 0.5W).73p die
4.27-4304 433L-4.29L 1>4-Vpf pm

in the Midcile EasL and the re-
cent softer trend of tW dollar,
contributed to the rise in the
gold price. But underlying senti-
ment continued to reflect fears
about the international banking
system, making Government
stocks and precious metals very
attractive to investors.

W. Gar. 4.27-4304 433V^f.2SV 14-Vpf pm

Portugal 147.75-149.25 148.00-14830 .10&290c dls

Spain

Irah*

Norway

Francs

Sweden

Japan

Austria

Switz.

133.00- 194.50 194.C0-19C.2Q 65-90c dis

3413*448 8 3413-2^16 1 9-221 Iro djs

11.48-11.58 11.48-11.50 14-24oredis -2.15 94-m dis

11.99-12.05 12.03-12.CS B4-114cdls -9.97 35-40 dls

i 10.57-10.66 10.57-10.59 3V44ore dis -4.25 94-104 dis

443-448 445-446 135-136ypm 3.33 3.80-3,30 p

30.00- 30.25 30.03-30.08 3-Bgra pm 2.99 194-121, pn

3.613.65 3.634-3.644 24-11.C pm 6.59 54-5 pm

Belgian rate Is for convertible franca. Financial franc 89.35-88.45.
Six-month forward dollar 1.30-1 40c dis. 12- month 3.25-3.40c dis.

% Three %

p.a. months p.e.

034 030-0.40dls -0^1
-3.79 2.05-2.15dte -XSO
ZSS 24-2 pm 1-91
-3,13 75-85 dls -8JB8 ,
-2J» m-10 r adls -2.81
-6.20 1^0-2.02dls -6.12
2,79 24-21. pm 2.21
-15J9 245-780dfs -73. S3
-4.79 310-365 dls -6^5
- 10.19 63-67 dis - 10-77
-2.15 »4-10*i dis -3.52
-8.97 35-40 dls -12.46
-4.25 94-104 dis -3.78
3.33 3.80-3,30 pm 3.05
2.99 194-1Z>, pm 2.13
6.59 54-5 pm 5.77

Crimson Management Co. Ltd.
4<n 59 Cmham Street, EC2F ZDS 01.

SS Barrington A uq 25. _07V< 403.71

3A9 (Accum.Uri5L._.

4JB lA csuny UntyJ—
usnngbi

■ 02 (Aconrv Unty)———

Is sst §*£E

Ml EMearAue.94
32.90 tAcoan. Uoftsi
GrantdMs.AM.

(Aoaan. Uritsl-

*03 131 3d GraitamSL. EC2P2EB. 016004555 SI MOT 7^1

+07 5A* Gen. DM NOT Wild -061 X55 SJMC05F

+tt< 89$ Gre. tec. U5.9 l€T.pt +«< S5B ft

+ H ^ Renmwy— . ffi flJ 31l «* ^

-Oj li^ inti. OM. 88.1 90 +U £» Stmart

+OJ - V.U mu. Ate. W 1121 +L< 276 A&Cfawto

+OF 1^9 Expt. Dot. Aup. 23-_ B68 90.4 b 4.W 1Awmfio .

♦MS 4.W Esc. Acc.Aog2S__ 1228 127.9a AM

Jw SStFtad 713 Tia -ool - wmSJS

^ Hi MMand Bank Bretip tomul

z7 Unit Trust Mamgm LhL

+02 297 Ca u rteood IHauaa Silver Street, Hsad. _ 0e “-

143 SteflWA S 13R0. __ Td: 074J 79842 ^ M

Rxnuri y MMart ttgto SunAllian.

(0.5885620 dSTaoc <0.1 45J +02 ivj

,._.j 269 Coovtefity&Gm 787 ,86.« -O.S 176 TreFamty

269 Da Ace. W25 112t +12 17a Swtte LJ 1

1 1 163 Gn$MM SL3 51^ -C.^ IgC

L Do-ta. 5(U fJb -a 13JE 7“®*!

„ HWlYteto 65A 7IH +02 7 7Z

W- bo Act. , 90-9 983 +02 7.7Z EaMtrAtc

01-6064433 income HM TOS +021 822

I 4A6 Qa Agc. 03 S 1012 +04 AZ: ResdJMU

I" J 42* Japan and Pacific 525 67.4 +02 0 98

J 93 Cta- Act — |MJ M J +Sj) 0.9B

9.53 North American....

SIMC0 Money Fdnds
66. Camoo Street, EOWhAE
SIKCDCrii Fristr._P0M

simco 5 Fi rra^jT^tussoo* —
TUDMhnnMtf-Can Dtpoat

Oreneas Growth __ _

DaAcc. — _

Equity EMnpt*

Da Acc.*

*Price» B Aag. I

& 3K

HZ B9A(..
Next dtefog A119.

8 +12 2H> SUeart (MfcTsL Manxgqrs LML{»>

+-L4 ZJb 45. Chariottn Sq+ EdMwn^i. 031-2263271

i « KSS^*^=r^8 W:d f»

■*0^1 — Withdraws) Units 08 8 SbA —

AcnoaUats 2W8 »£¥■._ 66D

•European Fiwl.._. 1782 . 819] +0.61 ZAO

im«j. Deri. iTres. & Fn *wsnt —Mai. A Pw.

Tel: 0 74z 79042 San M h nca Fund Manawannnt UA,
?&%, +„ Sun AlUanea H*t» HoBtem. 0403 64 Ml

Si k a

13 !& Swiss Life Pen. TsL Hbn. Co. ItiMaXc)

ISliS jgjs 4-12 C«ite=wd»V London. EC2V6AL 01-2363WI

M+Ol 777 Et^tyDrit.; — 13*00} ...i AM

831+02 7.72 EnUtyAca* fclWJl 14Ua „_.J 4JD

H +02 622 F.mdlnLDrttt El0;59 lOftB .....1 ««

IV +fl« hz B«rikUa.l — .Al ia 2 2 122si| .... J 2242 .
73 +02 0 98 INscJ on Aug LL Ned doing Sept 8

9 J +0.1 89B t?dai an Aag 4. Ned derikng Sw X

b|1o7 30 Targe* Tst. Mogn. LW. (») (g)

Eg +0.5 its I’nv ungre. 2 HnthaftU In*. U« UdJ

31. Graham SL.EC2
Cornno&r

Earn.

GoW Funs Inc.

Grid Fund to.
Financial ...

:-3ic4 2fl. Nfioster Fund Managers Ltd. FnSncS

...J 2% MJnaer H», Arthur SL EC4R 9BH 016Z3 1060 GdtCap^ri

Ti 1 * m SS

Cuanfian Royal Ex. Unfi Mgr* Ltd. Bwwjutyju — 1 w

Munty American— 1513 S5Jbd +031

IteityEunneaa B4.8 3.3 — I

(teTtySte-rfioTFii-PiS B08| ...4

DcjJIrj .dty Bitty. .

FORWARD RATES AGAINST STERLING

aoto 11416-417

Opnrvlng 9431+122

Morning fixing.-. 8425.8 S
Afternoon fixing. 18418

Aug. 37 | Aug 26.

Gold Bullion (fine ounce)

(£23823912) }S4l6-417 (£33012-236)

I £240-240 lg) S4 16-4 17 (£237-237 1&)

IS242.30BI 8417.50 {£837 J94)

(£240.083) |S417 (£236^28)

Spot

1 month

3 month

6 month

12 month

1.7365

1.7380

f.7400

1.7500

1.7702

4.29 25

4.277S

4.2687

4.2485

4.2225

12.04

12.14

12.4150

12.68

3,64

3.62

3.5876

3.55

3.466

445.50

444.05

443.15

438.7

432.5

H a u de i sqw Adwun b t mt to w (a) fh) fc) . __ , , .

47.11 +oa \ 2Jp Premier ITT Adam. 5k Reytatyi ffaad. Hrtton. Murray Johnstone ULT. MgnL (a) Wgndwj

tkenteowLEBBt. CZ77ZL7Z38 161 M«s» Street WasBom. S22UH. 041-221 E521 income.

Murr^i American — lf+5

JsiS' §f gfliSS a ■ ttgiBnsndffl

S|™i8 g?SjKz=ij ?l5i H

. 7S.7M— 4- toUnte~~ MJ« ^ Mutual Untt Trust Mansi

SSSiS* (7VA MJK +fl Jt 156 Inc- LtyteX^- KaA +03} Uil Brewis,. A*^ BWtefdSuQ

%S!p z= P 43 HI aa&fcjgj-
| 7 . g agttiss=:Ri ttSsi m sssss-sj 1 zte

^ai=:dsy wdiaratedD 4 IWHSBSML

Brawn Shipley A Co. Ltd. (aJtg) nrancU MM ,*Cffl+oa 323 MPlOsmJnM — (2356

Hartanfe Hty Htywaitts HHv St 0444458048 OU & ItaL^ZUSSA 5633 +531 236 tAccum. UirtW 134.9

S pSri W |£5 U)

Flnante )5L1 35113+03 *.« (nuaroiloral K00 5371 +53 LO* lfeL Cheaolde. EC2V6EU.

Growth toum. fe.0 903 +0.« 4.3 Vfortd Wide Aug. Z7.-G515 ItSrf +L3( 133 CtetmtAerunJ (UL2

American firowth —
Am. Smaller Cos.

Am. Spec. Sts. _

Austral an Grawth—

Far East.

Hong K9. Per t maoe

Inti. Grow*-.

Japan Peri. Tst. —
General Fan*

CaoitriAefi-

Comm & Ind

Domestic

Growdi..„_

Professional.™

Shield

Ennrat M*

E^f^azzzzzi

■-J ^ sStSSSrr

• ftiiRilfPi fB*fr -

01-322-817T

I . — J 145 Pacific Income.—^
, . PxtfK fie In*. ...~-

W , WMduntta Capitals.

0eriteqi-IS%594l

3 mm js‘

1764 -Zt
106.9ri~LS

E Jtia Inconw
Prr+rrmce Share.

E tety. - — ,

Pro!r3wmalAupSM
Ery.-ty E» Aug «4.._
Eonty E> Au Aug 24

Mutual Unit Ttost Managers (aXg) fc^ikr t, ao: Aug24

Broad Sl Aw.. BtoroWd St, EC2. 01^38 39Z1-Z. Trades UnWtn Unit Trust Managers
»££S&-t5 ,S ‘""'^5i‘ m SiS'il waited Street. EC A 01421

SMSc&atoZzSSi 7« TULJTA ^ 2 M +-- *

Mutual High Yll B86 +0.11 9+M TransatUntic and Gen. Secs. <e) fv

Mutual High YU. 1586 b2fi| +Q.U

National Provident In*. Mngra. Ltd.

100, Wood Street, EC-2. 01-6288011

TUUT Au* 2 167 0 71.3) ,.__J 526

Transatlantic and Gen. Sees, (c) (j)
91-9^ New London U. Cnetmcted 0045-51651
Bptiicon Aug 26 11085 109 Ast ... J 588

rawwwi mraraim,. ww Bariicnn Aug26.._ 11085

48 Gracechuret* SU EC3P3HK. 01-6234800 SSotlSS JIT.jlWV
NPlGtn.Un.TR. — P38 7861+051 550 Colemco Auc27..___{W3,5

tAcmpi Umts) nal2 ua.ij +aa 550 iAccum. umi4)_-.__.E7V.o

NPJO-semTruH (2255 295^ *123 1M FWdkra ho. Aug. 36 -IW3 1

tAccum. Uintsi -JZM.9 22751 +Lq UO ( Acewn. Uofti.., 103 1

i+Efi UO < Accun. Uratsi)— -._ 103 1 lia: 5.72

SSS&SSife ^ I?

+lf lS Vangd. H. V.taj4„ Wl WJ 7.W

+0 871 y-'nTd TsL A«g 2S__ 53.9 STA .._. 81*

+0 457 fAtturaunitsl WL5 74 2 .._ 817

tO Wckn«WA«g.2b._ aq q£g . jqA

to hlS *jww 3215 J2&1 ... 5 9f)

to3 UK Wcfarocr &vOjag??.. 76.5_ Sir +10 V5Z

i y~a 256 lAtuan. Umts) ilia 5 Ijiq 9JJ

3:w 7"*" fferaqer. LtiL(aKbXO
*53 zS “I Caw Heart Braw 02727X2*1

Caoiui 1732 1816nl+l4) ate

(0) JAcswn. U-Trts) 270*. 29l3 +2.2 3 98

moiaam* Ua L« ViKti v.gS

° a "i cm 'Asurs, Urals) __ — 247.4 tyll3 +l3 940

■v J 5£J l¥M. 914 M»d +03 1116

-S41 lAiaim Uratsi. Iw94 ini 3 dnS it,t

-01| 870 EremK 135Z

+Ote Its (Accent Um«» 2sa*

88Aaun. !

FVaitUU — __
gfljwtft Accent ___
wwrtJi Inoeme—,.
Htyi Income _ —

Income

North American

Orient

®S8s=:

Gold Coins Aug. 27
Krugmtf 8428te^24 f£843J*- 844^1 King Sov S200-ZC

la Krug S21SU-220U (£12614-127) Victoria Sov S100K

J4I Crug SllZVUS 3 * 0*44-651 French 20s 983 851

mo Krug 846t0Jtetfl (£S 61,-2634) tiO psos Mox. S488-502

M apfeJsa, 543a2is-424 (£245 9« -8441s) 100 Cor. An St S4 06-4J2

New Sov s 98-261* (£56 is -5 7) 520 Eafllos 944M60

8100-103 fSS 7i S -56)
Victoria Sov 8100-103 {£57I : -581
French 20s S83 85i e (£47^-49*41

BO 0908 Max. S 49 8-502 (£2871* -288 >8)

100 Cor. Aust S406-4J2 (£2I5Jjr-2373*)

520 Eagles 844U60 (£2B5Sg.28aia1

EMS EUROPEAN. CURRENCY UNIT RATES

% changa

adjusted for Dtvwrgenoa

Currency

% change

ECU

amoimte

from

central

agBintt ECU

central

rates

August 27

rate

Belgian Mine ...

44.9704

4S.21E5

+0J55

Danish Krona ...

8J3400

8.24461

+0.13

German D-Mark

223373

2.3B797

+1-04

French Franc

6.&1387

8.80343

-tun

Dutch Guilder

2^7971

2,58510

+027

Iriah Punt

0.691011

0.685679

-0.77

Italian Un ....

1350.27

1332^7

-1JD

dtvarganoa

+0.42

±1.BS01
±1.6430
±1JB3S
3:1.3940
i 1-5004

±1.6891

±4.1339

rant Co. Ltd.

2JT. 01-5882868

lid SS

(AtxunJ

cinwTS.

e-n Ewralnc.

Flnanori .

OH? GitMtJiln*.
is Income —
nfi Japanese & Pac. Dth.

ReatefvTrasta...

750 SusHerComaiales

If N£L Trust Managers Ltd. (a

rtS Wttgn Court, Dorking, Surrey.

JSP Netstar (79.7 83!

aS Nehtar&H&F.I (§9-2 U> Ta

OTHER CURRENCIES

Changes are for ECU, therefore Dosrtrvn change denotes 8
.weak currency. Adjustment calculated by Financial Times*

CURRENCY MOVEMENTS CURRENCY RATES

Argentina Peeo...i 42,038 j 24.160' Austria^ , 30.00-30.50

Australi«Dollar...U.7945-l,7963 ' L0270 1,0230 Belgium ' 86.60-87.50

Brazil Crueeiro . .33 B.6 6-336.65 1 192.71-193.67 Denmark, ■ 14.91-15.05

flnla/Mf MarJtka+8,1780-8.1910 ; 4.7 0BCL4.7 040 'France 11.98-12.08

Greek Drachm*.. 1- 1 1B_d68- 122-608 ; 68.50-68.60 (Germany 4.261^^.301*

HonoKonn Dollar 10,46 t2-10.48i3' B.03-6.04 Italy 2390-2440

iranRlftl - ! 148.00* l 83.80“ Japan 446-451

XuwaitDInariKDV 0.600-0,501 , 0,289 15-D.28S50 Netherlands «... 4,68 4.73

Luxembourg Fr-! 82.3S-B2.4S I 47,43-47.45 (Norway 11.47-11.57

Malaysia Dollar . . 1 4.0625-4.0725 i2.3395 2^423 i Portugal 147-167

New Zealand Dir J 2,3745-2.3796 1.56151.3636 [Spain. 189-201

Stuidi Arab. RlyoJ 6.9645^5.9720 3.4890-3^410 /Sweden. 103S 10.63

Singapore Ddlarj 3.7325-S. 7425 B.1490-E.1S20 lEwltior land.. _ 3.61i 0 -3.65lz
SOUtMoan Rants 1,9860-1,9875 1.1430-1.1445 ! United Statag„. 1.72J^2.74^
VLA.E- Dirham,. J 6.8670-6 ^1746 5,67103.6730 Y ugoslavia..,^. 103-108

t Rate ehawn for Argentine. Is commercial. Financial rate 67,796-87,836 against
sterling 38,950-39.000 egalnst dollar. # Selling rate.

Aug. 27

Sterling 1

'U.S. dollar

Canadian dollar ....
Austrian echifhng..'

Belgian franc

Danish kroner......

Deutsche mark.....

Swiss franc

Guilder.

French franc — __

Ura —

Yan-...

I Bank of Morgan
1 England Guaranty

1 Index Changes^

!' 91.7 ! — 33.6~"

• 120.4 • 4-11:3*
89.0 -1B^

; 117.7 . +27.4

. 94.9 J -1.6

81.6 -IS.Z

125,2 +49.5

146.6 +97.3

117.4 +26,1

73J — 21.0

53.8 -6B.6 .

132.1 +26.0 .

Bank- Special .European
August 27 j rate 1 Drawing . Currency
• % I Rights Units

Canada Life Unit Trust Hugs. Ltd. _ Brandnlntt-fir. Inc..

“j ^ H» S™» «■« «■ *9»-t »

m3 77 M SIS 45B«d,SL,BC2P2Ut

«a| &» fb) Britefc Twgt.

Dalnc. Acam. _■ — (Mi 6Kfl 8® QUCteWTraa

GUtAFULteLfiSaa^ ■«»*■■«* “a

Dmnoo Fund Msnagm LhL W (o) Far East.

L Olympic Wiy. Wembty. HA9Wffl. 02-90288» ^i.ra»rgalTria*

ass^Bsa isa^a & «r

Capel (James) Mngt Ltd. <W income

inn OMRmrf5t FC9N1BO. Ol- 588 6010 (wlraiTmt. _

Padflc Esewpt Tst—

Hexaun Services' Ltd. raum-HM. p

4CL§!Heiei«LandMEC3P3EP 01-551 OOM Narthgate Urtt Tm* Managers Ltd. (eXlf) um

Brawtailnti.Sr. tac-_MA4 5L<H .—J AM ZlMoar^e, EC2R6A0 01^064477 Jiwti’Amre Srtl,— . H8

as m=j»

. .. . . fAc cum. Unib) Iffi-b

Norwich Union In s ur a nc e Grain (b) cm irccnr ic&s

PABo»4> R®vrid^fCRl3NH, 060322200 jfiSSi J£S=““ JS5

Group TSt. Fund 15519 5HK* +3.1J 4.97 lflfc

Pearl Trust M aw gw Ltd. (aKsK*) . ^wSi'csrEar

15.72 ^r t t!l!^r V ' A SX TE5 ' 'KmSuSS??.:&7

xn Pteri Growth F±„. m BJ3 34.9 +HI 4W .Un. Was Ei,ira.G«dt Bt

VjHI ^£Tlii ntts — “So AM (town Ura hi S05

fiteriing,. • - - 1

UJ.S ' 10

Canadian S- 13.95
Austria Sch. 6&(
Belgian F,...‘ 23 r
Danish Kr....! 11
D marfc..>...| 7 1

Guilder. 7 1

,0.634887 0.539664
. 1.09239 0.957550
i * - 2.16401

1 18.7977 16.B856
t 51.4070 45.3256 ,
9.33875,8^4451
I 3.57977, 2.35797
1 2.94261, 8.58510

raftyerei^Ecaiiaa. ISSSSmt*.

* Sssse

Gbit. Sefaaq Unit Trast Managers(a} + r ^ 1 Ty^i^* l *^- Lt<i ^

57/831 SSsL Manchester HKASiSTa. W m?'

srdsui&g -saas a w&~Fzzl

Cent. Bd of Pin. of Cflurdl Of Brgtantgt {jgJWC?*

77 London Will, B2N1DB. 01-WBU15

‘&M “ afiMas® .

DaAceonL . -m l=d8*nSMS?k«*Aa

5 SKS 5 user m

— A S3 H Z^ 5 i«eri.A<*r,T«hfy_mfl JU+U

French F_._f 9te> 7.54850! 6.60949

Baaed on trade w te gttetf Otaopra trarer
WmhmgUfi tgnwam Daeamtwr 1971
Bank of England index (bass average)

Lira I IB

Yen 5

Norwgn. KrJ B
' Spanish PteJ 8
Swedish KfJ 10
Swiss Fr^.._, 8

8 n^. j 1332.67

52s 277.6131 245.660

9 7.20761- 6.81963

8 n+ 106^40

0 8,62674 5.82068

6 2.26884 1.88506

Greek Dr*ch 20 1£ 76.6498 66.7987
*C$/5DR rate ter August 2ft 135634.

EXCHANGE CROSS RATES

Aug. 27 Pound SfrUngj U.S. Dollar 1 Deut scharh'k, 1 Japanese Yenj FrenchFrang Swiss Franc ; Dutch Gund'j Italian Una ; Canada Dollar Belgian Franc

Pound Sterling 1 1.737 4J893 44fii i 12.04 3.640’ 4.705 2415. 2,152 ~~e £. 40

trfi. Dollar 0-676 L. 2.472 266J5 6,933 3.096 2,709 1390. 1J239 47.45

DeUtschamariC 0-233 0.405 1. 1033 2J05 0848 I 1.096 BBfci' ”"'tL501 19^0

Japanese Yan 1.000 2.245 5.89S 9.635 1000. 27 JOS a.171 ! 10,66 5420. 4.831 ■ 183.0

French Franc 10 1 0.831 1.442 iTs66 370.0 10. 3.023 3.90B , 2005. A. L78T i 68.44

SWIM Franc j 0.275 0.477 1.179 123.4 ! 3,308 j U - 1,293 ' 663 J j DJS91 j 22.64

Butch Guilder | oJsi3 0369 M12 ‘ 94JB9 2,559 ^ 0.774 ; 1 ~ •" 61 SJ "j ' ' ’ 0.457' ]" '17.5^

Italian Ura 1,000 ?’ 0.414 I 0.719 1-77B 184.5 4,987 1.508 1,949 J 1000. I 0.091 34.15

Canadian Dollar

Belgian Franc 100

-i» -n uHniynwnnw,,

Peart Growth Fd.....„BU

q-j 2 Aceum Units »7J

2-ffi Peart Inc. ... « 9

Peart Unit Ta. M.O

tAecum. Unlb) (75 A

I m 'nt ^__n762

' 'LOt WBICty, Gett.fe*.

tAsenm. Urns: Rar J

aw .1*1. Was Ei.lxJwflifrj.4

4-5? liowv Unrbi (405

Lrtt. Wan r m . pnt_ .5.7

581 LUnWStKilKPn'ij, taoo
ton Wj‘1 IT! ._.l5«a
__ Ida Wall Spec S< tv 138-3

aS Me* U«fts Admfa. Ltd (gKx)

||g 57-14 PrtnoMSUManchKter. 0W-Z36568S . r_ ^ .

(a) WwnUmu P46S 1S74+CZ +S8

015884U2 Unit Trust MngiaL (e) W Mw * a

+0.4 LW 48 Han Si, Hwlejon Thamn OWUfcAB -«--- W

+0jJ iSto Growth JEL9 8R« . ...J 158 JS3 Unit Trust* (b) (e)

+^tl 230 Irecrantf ... _6rt,7 72 0( ... .1. 7.47 PO fc« 3, Krm Hte. Mmr

+03 1M Wortdwtqe Iww/ISs 5^3 ...J *JS OJWWiaa. Oeri^rVS

*021 *as ptynrvi.-Liotf* 7_T" _ . _ I , . i uia

fa»f *1 MwrFgri' ( _ _ ] “i j SfiO

owulaw OukbH Fteft.

• -A 21? UWt I Traete lb) (c) (y)

■ -1 7.^ P?. fc; 1 «*m Hte. Andover, Hatty. SP10 WC.

480 Practical Invest. Co. Ltd. (yXe)

4.W 44 Btcenshtcy So. WQA24A n-62JS8B3

ti S3 1 H8

0*34.65139. OeaUrer. re 02M H432-;

JssrdSS=l SS 1 = 1 1 ? sa+s

Chieftain Trast Mmvers LW fa) to)

M.Nb*Sl.H 2M4TP. 01^832632. ta “ & " -1Ctf * Fd - r

Ameritteto E7.7 309*03 KQP Fbnd Mat

Aerirajtyi ll) 13.7 JSl +&2 238 i/StlMraUp St, I

teti. Tra« m ^ TS

^ 825 Key laconM Funtft

gf *2 — jTS Kry Pired hd. Fd.

£ KtySrafiCo-aft

01-6286626
+2.41 0J0

&&Z=d$S* B

Provincial Ufe fare. Co. Ltd.
222.Bi9Vfegxf.EC2

PraineN. Amer.

WG3$i.

T^e Aro+n^n -^ _MgO

irt ifc. Aceum Lost

C7 -6218833 TSSfienerai JSl

I J 5^ fcv s A « am - IMi «

1 ... J £» TSB insert* Wo

tSbSJJUL

ea4«6533 S^pteLr' — SL 1 .

, +ojI tab .\spjwh3bi [)gi h

iSg pS fePtyrt -- ,.^,~.UaL7

S !I sasssidsi

S-S Ulster Bank M

2a filartog3arert.artl«Jt.

Qi) llteer Growth ._4a&. 9

U.7d| +O.U 150

.3'

h«j3+o 4- i.rf
««+p.i la

50*1 +04 4J»

Key Ftand Managere Ltd. to) to)

l/3k1MriMpSt_ EC3A2AB. Dl-

lAV/oreAlpSt, EC2A2AB
KeyEoerW/n_K«JL . — U27J

a ) PnrientlM

UMB8662&. VareraghGai

^ ^!mS2K?>S

PJtefi. PartfaEo Mbgra. Lift (a) (6) (c) Tml Aeawnri A u 7 7r?
Hribara Bar^ ECUS 2NN. OWOS7E2 SS JTtenTSrA

-_.J 5.70
-03 8^)

+<d sioo

Choularten Fund Mnagers&ti

57^3, Printaisa, MaKteater. 06WS656S5

sta=w

High Kx»ne__ 503 32-9ty TTj 1H54

Confedentkm Fuads MgL Ltd, to)
SaCtyncayLatyWCZADiE. a-242CQB2
Cnwt&Firad SI? -1841 — 1 4J9

iaS!«320S -IMA 561* — J 4W

NOTES

014004177 C»iw +— +, p+j+ff ..-ip- - ■ »-

SI -i in

iina 1 +5? erpe***, a «e+*d him Mum ril

UiU9 1 ibt nwnab Tae»V«i.. ■ w-ZTl _

it ^igTl.j Ln* |tS5Sr«tymSire«Ee2 014004177 _ . ■

M m .Baatas Bd w SBLtsS2S£SS35S

Ktouimirt Benson Unit ManegtfV 'jmei '.«ay v pr.tn c VieMaMMMtAr

>5685 2aFene»wdiSuEC3 01423800a RefiaiWe Uldt Mgrs. Ltd. v ree*,\ tm*** pee.

bn KB.UritM.lnc U|7,4 141JB +15 523 ftftant* Hie. TunWdse Weft, KL 0892 2 227 1 free c: UK wt 1 hnrit

lm KAtofcMAf W17 nz3.+ZZ 523 British Ufe ..BS.1^ 79.41+0.7} 5fcc ’^‘U SS^. pltev % Soph amririV

^ IS ltgSSE , . = r."| z z - z '*£i£jSSZ

«• 833 ss "-hsjwgrd.+jfl^ « SssjsajEjslar® 1 *-

jin lSI ®f*s- * Smdto nrateute

- SSSWsSSsS^^®--
IS

441 t™ 11 hrfanr Jcnrar inn. t r nemten '
U 0W» ram labia to cbamjbte srato

Financial Times Tuesday August 31 19S2'

; if b INSURANCES

’V'

I l> - /
- *

■

Abbey Life As*arm» Co- Lid. (z)

BeEI

U5»;iw s owr t i^EMP4mf.m.a«?ui rasw™*
Property Fund. P?M 2fl» --I - ST 0 - 8 ' 1 '’

>c> SL

INSURANCE & OVERSEAS MANAGED FUNDS

GrairvllVa Man*$ement -JndW

P.O. ftw73, 5f Wrfkv. Jersey,
Granwtle InuT-j . tthJO _ fc Ml
Men drahnu d» Snl 15.

MmS luat Fund Mar l Ueney) Ud-

J5*» 73933 ?ateWJ,a«rf)r Jrray
AM... I Q U ^Simr*LW KD|io nrarf-cj*p««s
d 15. Qi«st InH-Seo.... ... BOM* Uaj/rf . 1

Queo h*L EkL lH.797 PifWel .. 'UlUw

I (Guernsey) Phm on Aug 3. Nffl !•

BSSP==B

Srieoiw Fond EL

Money Fax.——— J4J.

.gjgfjfcg

&&rj

(wftfeed'lnvr Series 4 1Q0J
mtsion Property — S'

l Security — J
iFbred Int — J
! iadraea Im.J

t UKEqoiUnsFund

A#mj) Lift Assurance Co. Ltd. p^hL'f'J!!? - —

arasttB «iSr=“ESS3feE

Fixed lid'Ace. — E17.1
6td. Horn's Fd. Ac. „.n£U

aEcfcfflB*

Equity Pm.Fdto —WSJ)

Fbetfl.Fec.Acc— BfrO
G%i-MoitPttrAct-_.g?a? ■

Pm.«exid.F<L _

Pm Mous'd. Asc.

Pm Itou’d. tniL
Pm. EqafyAK.

Pm Equity InH.

Pens. Fxd.Ynt.Att.

Pro. Fal. int. lute,.

Pena. Money .Acc__

Pens. Money ML._

Crustier Insurance PLC

Tow H ie. 38 Triidty Sq, EC3N4Di 408 2323

SHMKBfc®» iM^:::;:i -

Eagle Stir I raw ./Wd tend Asm.

1, Threudneetfle St, EC2. 01-5881212

EagtoUid. UAHs |fl£7 854 -H«i 5.M

Equtty & Uw Life An. Sot. Ltd.
«nenlamRa4.HWW»Mte. .049433377

Life Assur. Co. of PemtjtaiM Norwich Unton Insurance Grom

8, New Rd, Chatham, KeaL ■’ Medway 812348 POtof^MortrtdtSiRlJNC. • 06055

_ lac op Unhs. : p2J3 .BJGHaHl -

Lloyds Life Assurance
20, anted a, EC2A 4HX 0L42O 0202

g^|f|. E

EquflyPea.FrLAoe — MM

Fbedl.Pec.Acc 3M7

G9dMoa.Pe£«e— 00.9 >

Ictl.fttn.PnFdAec — J5S.7

Prap.Pea.Aec 334

Ifple Iiw.PblAcC — P79j

AMEV Lift Ahmbh Lid.

*6, Prince of W»fes Rd, B’hwutf.
Itawsed Ft.
fcteney Fd.

WtaLH.

Wfifl5.1i

Hi* Yield Pens. Fd.

Money Pension
Property Pardon

SSSfcG»Fd.B4J2 15

Incone FA — JW 3«

Inti. Growth Fd
Capful Fund

+0.7] —
+0.« —

ml

sFnd

GUL Deposit Fwd

Nth. America Fund

Far EasTond™.
International Fund
Mined Fund

fcse&fift

•tefcstajs

nair wm .nwM.~i

Pens. RnL Am. 15 I

Pera.fttogJfcfciB.13.£

rtniimti ft * are

AvlSHt Jtot Abo IBS

Mr; =
m-;z =

Equity A Uw (Managed Fuads) Ltd.
Anenfaant Road, Mgh Wycontie. 049433977

Ind Pefi.Efflihj..
fd. Pen. Properly
Ind. Pen. Fixed lnL_.
nLftn.MrLk.5sk.
id. Pen. Omens

nd Pen. Cash

«f. Pen.

tad Pen. ..._. —

Prm M Auj 12 Next tetttomed Sept «.
Granp Proton FonJs^Pitas AndbOle On ftqoesL

Fwilty Annnm So duty
66. Eos Street, Konhm

asSUS:SSS3-KV W I ~

Farnlty C. BrK.

Family 0. Fixed InL _

Family Capful Ifogd.

Family BrrL II

G.T. Man a g ement Ltd.

16 FJnstoy Oicus Lund. EC2M 7CUL 01-6288131
B.T. Plan BoiM Furd."» * »n»M _mi _
GTMnHWiYWFnd

^iLJSflST - e 5f8J Um 367-5 *061 - Standard Ufa

nSm.rre'Z" Mi-Si - — - — pi jS|

■ S SSpA ^ - as=f 1

Hg

Mi«d- " SSSKJteiS* Sfr?

Hot. U niS Au 9 .W~r = 3-4 [ 4 -

Puri Assurance (Unit Funds) lid. Sun Alfiasa tnummo Group

252 High Hofcoffi, WC1V 7EB. 01r403 8441. Sun Alliance Home, Hmham.

Inv. Prop. DbL...^..:.[1335 lUUf ... .| — Indrt Uited Ftmd _.W.I U4.§

ftEa>Sl=® K J r ^SLy sfm M

bn. Managed : ,(1667 17x5| . .1- — Protwrn Fond [213 J. S4.4 ■

Sc®

P fc ne iWx Assurance Co. Ltd. Ind Bciid Aug24«

L5NngWIlH*a-5t T EC4P4HR; 01*269876 IndMftd tadon

«5-fei U SdftSm L Lid Bbbousgaft Commodity Sor. Ltd.

. “ . . P.O.Box 42, DoupteLl^M 0b24Jnil

Standard Life Asunnet Company — Biff f^j — j HI

3CMrgeSL, Edinburgh EH22XZ, 031-2257971 CAN BHtr- TE "*

MAPSA-Aag.2 S«B ,.J -

OripM issue tin and — £L Next va. apt 6.

Guinness Mahon InL Fund (Guernsey) ftiir, on'Ai} 25. Hen (wiq

PO Bin IBS. Sl Pner Port. Gueroer 0«B1 23506.

usSfttre --ftjgffg ] j&S Qumer/Hetaold Commodities

sn^a^Sro i;7^ ShU ' « 31-45. Groham Street. ECSW7UI

w,i asru-A 7 Sddfiftrfi ■^“•uaasSsJH

Hambro Pacific Fund Mgmt. lid.

2110. CtvnaupK Centre. Hong Kong R8C Investment Mwiauen Ur

- . Far Ejsjeen Aug 18.-IHICS0H .2143 „ J -

5. Japan Fund Aue *7 ,-lS51 9^-1035 -

■ridge Management Ltd.

GPO Box 590, Hong Kong

BttiinJd i36

P f i UiH i lA IntL investment MngnL Ltd.

"SxKst ""*■ “■
effissfflrtsffl ...

Hamhios Fd. Mgn. (C.L) Ltd.
PO. B®86. Guermer. 1

Cmnal Reserve Pit.|n5 44 i§.35|

Cl Fund 241 BO 3763

SMeUI Stb. Fund.... BJ5 89ffl
UerdnglflniaeFixit*. 133.7 IMWbJ
Doiter Income FunL. SL051 1 iW

0481-26521

J 023

RBC Investment Mwiagcn Untrie d
PQ Bo* 246i. Si. Pwrr Part. &ur-rx-i 04^1 J03,
]i«L ineeme Fd. SJ [34 - ■] —

m. Conti Fi. fv.ft 10V&f —

North Anvewi Fd. .154.15 4^*44...! —

OtfUr Income FurxL. 51 Ml

Intri' tS Tmt ~-: St^B iTu'rfi o5» Richmond Uf» Au. Ltd.

Iltt. D»my ...... — O4J0 M.g „.. 194 4 HlH Stmtt, Ompos, I.GM.

InL 1*5^ ‘A; SU5 ...-S-J5 3g — - Co.-Tn.Sl p?.7

UilSvss B ....... Su2 160 ... — l>-irnrel Borfl. Im 3

GaHear> Ass. Fund ‘A 1 KL031 1X32 — Gold Bred- 1M2A

Slew Ass Fund — NtawedFund 131 0

lExcMn uktuf thnwr oa andl ortei*. ReowwiUTitrsL... W.)

Henderson Admin. A Man. (Guenriey) sSJaTni -- ””*®*

7 Mew St, St. Prter Port. Guernsey 048126541,' 2 sSwTrel _ ... !ia33_ .

2»« Rardnco Mziugcrr, Ltd n , ■

3.01 P 0 Be. 1549. HOUR F^onwtt. IC09-J9 1 2 7979
RomncoAug. 2..— .,158-66 ft'»3i — 4 -

Mitred FixrJ.j-.
lad Bond Avi#-

nritind szffieo 23175

Unhenai GrwUi FaM_ S5J3 003

DCSMr I nrrwT V ptj £} 789 ■- 0,094

NBitwxaa lad. SSTf- -fiLM

INnr doing SepL b.

m

ast Fund

tExdudn uxruf durgr oa snail orOen.
Henderson Admin. A Man. (Gurtmcyl

062423914

M-.| =

265 .1 n-5 tj -

+3.0 -

. . 1C33

Wealth Ab. IlfiSJ

E6>. PUJaE.™ — 1U46

mS : ~ i -

- Ptawer Mutual Insurants Go. Ltd.

BESGSb

HaLHWItae.AU3.Tl

kTU+V.

World Teel
Mao. Grtnrt

Id =

ma-

Index Linked.'

FSS’iiz:

Property—.
IntenabMIl.
Deposit.

Sunaptd

aaas&ssi

Anwriae lUSoMtu IU0 1 115.91 .. .1 — Srr+ling Droail BA..llK-59 l6B2g • ■ 1

NM ftl »UA until «2 Ml- Uh GlR Fund.. JlMS lW6i I

GikFUnd 1002* MAi-OCfij U-51

Henderson Baring Group RothscMW Asset Manngement (C.U

Barclays Lift Asuir. Co. Ltd. Rip*.

2S2R0odort W,E7. 03-5345544 GT pin

GTPjnHWi YM Fndl
^^■Fai-EstFnd
Am Fund™?

GTPJnDWCXfg

GT Pin Wnawa* f-oaj

95^1 _ Man. Growth Aug. IS [

N3 I _ GmAuo.18._T t

116.4 — — HK Perm Aug. 10 ...I 1

S-3 — Mnoc Fanh ■tarii

57^ _~.4 — American Atn 17 — 7

BHlhh AuflTl7_ [
ftoimodley Aup. 17 —f

^01*288131 psSsrfi-M
- ag«»gw-fc

Ptanwi Savings Group Property Aft 11.^,10830 220jO| “...J —

6B,Eau Street; Horsham 040350255 Son Life of Canada (UK) Ltd.

5UJ3^ SW1V58H

PerSSiSmged — |74J 793 - E^feaxat.

Pmabun Lift Assurance Co. Ltd.

Eaotehester Hie. Haywards Heath 0444450721 p^ty Fd Aeon

gsrifirifc.

Me A Sbroaa

GIH Trust (J.Ojii

■“w

:.:J IM

^ s F?.:.:.r:pS? JS

ariisr nSftg 41

B 100. 1M -,1.1175
sr Finds VkMr tJenbri.
rCUHtd ftOM 935%.

BrotFd. IS1D.501 1L02 bI rgiflj 12-'

Wi«siy dnfangt.

Ml I- Samuel & Co. (Gaemsey) Ltd.

8 LeFctN><* St., 51. Peter Port. Gurow*. Cl
GueroeyTd d&« 23361 +7A 3.1

AmerlcaaTech. Fa,.

Build tag Sue. Fd

Balanced — .

Data Hugd. Fd.

Drpmlt —

OH.......

Natural Resources,
property.

Fixed Int Fd. Accum

I I

Brawn Shipley TsL Co. (Jorsay) Ltd.
PA Box 583. SL Hefter, Jersey. 0534 74777

ffiHfew «3-r

m =

— GT Penclon Bnl Fad

— GT Pen High YldFd

— GT Pen Far Easr Rl

— GT Pen N. Am. Fd

~ SRSIEittHc

Black Hone Lift Ass. Co. Ltd.

71, Looted SL, EC3.
8tadcitose.Man.Fd.
Masked ft. Fd

Property Fd

Fixed Interest RL
Cash Fd. __

Income Fd_— —

Extra I name fd. ^ _
WPrktelde Grcvtta Fd_
Bataneed Fd—

Soil
InL I _

NHL tap. &

aaitajs

Canada Lift Assurance Go.

01^6231288 Portfolio

Asskuraasni GEMERAU Sp-A ,

117, Fendatrch SL. EC3M 5DY. 01^880733

Ind. Managed BM~R5L1 159JJ +9.9) —

General Pnrtfoflo Lift his. C. LM.
CrassOrook SL. Ctetaav, Herts. Waltfora X 31971

MS F^fcil m \~i-

Portfoljo Fd. Cap

Portfolio MaiCAcc

Portfolio Man. InhET]

Growth & See. Life Ass. Sac. Ltd.

48, London Frait Exdeope, El 6EU 01-3771122
FlexMe Finance — — f L29B I J —

e

_ G.&S. Super Fd. | L9A44 I .—J —

— Guardian Royal Exchange

- Royal Exchange, EC J. 01-283710

BefBiinan* Annraocs

Properly Bonds (297.6 310-0) ( —

BBS Linked Al—a p et UWtld

Managed I irfUM .-x.llool 16931 -*0JJ —

SSjrfcirr ~»h 143 — 1 _ Prop. Eqtdty ft Lift Ass. Co. £

U?&rirC«B toy Ml 123ft J — 42 Hountadltrtv London EC3A7AY 01-6Z11124 s

HHS&lF Bd: R. Side Prop. Bead —I 249^ i „.l -

— ^ ^ * Property Growth Assur. Co. Ltd.

London' A'deen ft Ntha MB. Assur. Ltd. XZZZZE?*'™'**

129 Klnwray, Loatan, WC2S6NF 01-4040393 propwty FuS(Af_~ . «69 "l": -

‘Asset BofMer' 1543 57.4, jg-9 „... =

London Indemnity & JSnL Ins. Ce. Ltd §9? -

18-201 ftt Fortuiy, Heading 583511. irororoeH Fund . . 1095 ... —

aa+d = IP =

Flited IrnroS fin StS-Oij - *_M “ -

London Life United Assur. Lid. WJ "I - ! — ft

^.We St. ^ 8816 ^^ 0272^9179 Gm^F^-.... 173 , 1 ^- 0.1 _ - ft

M zz - : gu - *

Property |£B = ISSSwhT^l 1563 +0£ = S

fflgr 154:9 S57J — Asp. Growth Pemtapc A AxauMies Ud. ft

Indexed Stk.__._- Jl04j ioAHj — All Wlher Ac. Uts.Plfl 5 20.61 ... J — ft

s&sst&sm :_:i =

Sun Ufa Unit Assurance Ltd.

107, Ctwpude, Londoa. FX2V 6DU. 0272-299 524 cm. InvettiTTOotS UoM> Ud.

Butterfield Management Co. Ltd.
Pil. Box 145. HanlMoo, D p bum U.

Pt to xt ftp 25rNe*t wb. day Sept 7.

Managed Cap.l
Managed Acc-

HK Samuel Investment MgmL intnL

P 0.80x63. Jersey. 0534 760

UKEOMInlCI. Fd). [ISZfi 16J« . 13
UKGih U» Fxl Irti.l .104.0 DOM .... 4 D.I
Ira. Uw'- fOtwnh Fd >.]ll21 llSd .. 3 -

_ *opb _

{ Sterling M — *0E1 —

Smss Franc -155 “ —

MftwedFund £973 lQlTj-OCH -

8* 0622 Ben* Svmrorf
H S OmvmFa .5338 ItjarAZI —
Balanced ICSFFundiOTM 23.w}-rfn( -
F»Ee« iCrtrt^ho-il .^573 Kto,-flOlj —

Tedvuiogy «ITF Fdi.)SlL2J 1LW <-0 191 —

LliitdnJifil 12.00 -0.C. IntmatMnU^Rmamra Lnxtad

It. Bcl.FwmiFta.) . .. 31 CH

JIST' 5... ,?ih9

ney) Ltd. SmSsT.. -. .. ttltf . Sierm n Hoi

t. Gwroev. Cl. Dtitchto Mfr..,. «« ^f; Fr,r,r ‘

ZJJOl+^a 3.35

■ J lido

“ ".1 — Save A Prosper International

Save ft Prosper International

PO?®*'??. SL Hefter. .teriey

10211 .15:

S^SS-*r”rJii«3 ft'j* ■ J -=i

London Indemnity & SnL Ins. Ce. Ltd
18-20. The Fortury, Reading 583511-

s’SEEif a^=

__ 6»t-EoMdFtl.rA)'L. 173J T-l

_ Retire Anrailly [ 327 a I _

Inmed. Awrtv ..... .. .I 5913 J ..

Irtcnastoazl Fd- | 15*0 | +l

— Prop. Grawtb PeitUop* fi Aantern Ltd.

26, HW< sl. Pacers Bar, Herts. P. Bar 51122 K? , 5^^! ,T,tll, ~t' ffih

Fixed InL hdttaf,.

Canada Life Assurance Co of G. Britain

2-6 High SLftKtro Bar, Herts. • P.BarSU22

Manned Pen Fund wJ13M) L431I J —

Property Peo Fand.EjLOSS 7 ITT, J —

Index Lakd Pen Fcnd)Loe3 U45| J —

■> Brlrain Do. Acaan. ’

P. Bar 51122 InttroSEjnU IrU&L-

1.1— Do. Aazxn

' — g qnjyjjitf tiaf

Catmon Assurance Ltd. oc Protn* Hun

lOfymcta Way, Wembley HA9 0NB. 01-9028876 Pro KanagW htatal

mtfE&cm

Dsposit Bata 155.1

Equity Acnan 3242

Property Accum.- — £

Fftgd. Accbd 2

fey

«310 riuLfflj. fO-J.I

aid Managed..— 1455
avtaepaA— — . 1352

2ndGta. 1325

2nd. American lit?

2nd inti. Mowy 123.3

2nd Index - 935

3rd Eg. PensJAcc — 17Z8
2nd ftp. Pnxftxc — Z02J

SBoszSB

Gflt PmJAcc-.. 1645

2nd Amrpro/AexL.- 1388
2nd1ntJIAxMyPenUAcc 138-6
2nd index PntsJAcn. 93.6

LAES.I.F.. *15

L6ES.I.F.2 .—14X5

Ccpriai life Assurance
Confstm House, Chapel Ash Wtav
Key InvwL Fd._— .1 lOfc-lJJ®
PxoMaJcerlmJd. | 8B59

Chieftain Assurance Funds

n New street. EC 2 W 4 TP.
Mmegcd Growth
ManagroiKOew
IntrmaUonl (r)

High Income —

Income & Grow w.

EsKik^auross

Affiertccn(xl

Far Ectern fj)

Cash

M-

Pens. Managed Acc_.

Pens. Equity latl '

S^F^teaii-

Pecs. Flxrd Iltt- Acc.

Pens. Inti Initial
F-rs. Intfl.Acc. .

Pecs Prop- Initial
Per*. Prop. Ace.

Fens. Vtho,. I

Pens. Depot. Acc.

Hambro Utc Aisraance PJJC.

7 Old Park Lane, London. W1Y 3U. 01-4990091
Fixed UlLOep [173.2

Property —

UmgACno W2.9

Managed Acc_. — 279.7

mste== Si

American Acs. — — 149-0
Pen.F.IJJep.Cao, 187.7

Pen. «(.£-— §22
Pen. Prop. Acc.. — .... *953
Pen. Man Gp\-— — W7
Pert Stan. ACC — 506.3

London ft Manchester Gp.
Whotado Park. Exmar EX5 IDS.

Property Rind Acc.

FHrS^Fund Cap.

FJex*Je Fi«x| TZ-
Fixed InL Fd. Cop.

Fixed Im. Fd. Acc. _

GttL Deposit Fd. Cap.

GW. Deposit Fd. Acc..

te&SSS;

FA Cm.

CaSbdGwtfL^d!^

MQuymaker Red
Exempt ht*. TsL

^=e^_

] — All Wther Ac. UtsiZULS 20.8, ... —

1 IHY.Fd.Uts. 247.8 —

Pension Fd. Uts 2B.7 —

■— ■ _ Coo-;. Pens, fif . — Sj j . .. —

■— ~ Cnv. Pm.Cap.UTr_ 171.9 .... —

~ Man. Peru. Fd-—-... 258J ... —

Man. Pens. Cm. LH._ 2DP.8 -

• • ■ Prop. Peas. W. 2495 .... —

— ” Prop .ftm.Cap.Ulj. 197.4 —

ifclSi&ilt:: ffi : =

139352155 ii£££lc£:-.: Si -ii r

’Zen Equity Pro. Fd 189.7 +2J —

*(U -- 0 E2SrPem.Fd.Ccp. 1732 tlS -

i ™ ProvUescc Capitol Ufa Asu. Co. Ltd.
to’4 ~L3 30 Ihtaridgc Road. W126PG. 01-744911

+04 _ Soeeial Mkt Fd. 145.9 '

>0.4 — ftnslofl Eratty.

_ Pent too Fnt

■' — DepoiitFo. Acc.

ftlS; Managed Cap-
Pem Managed Acc..

Pern. Property Cap,

Pem. Property Acc.
ftm. Equity Cap.

Jens. E40IIV Act- —

Pem. F. lrttfresl Cap.

Pem F Interest Acs.

Pem Cosh Cap..

Pem Cayi Acc.

Pem Intrt. Cap

Pem Intel. Acc.

Pern. American Cap..

Pem. American Acc. .

sssiraga? sra=:

Target Ufe Assurance Co- Ltd.

Target House. Gatehouse Road, Aylesfany. . __

“ Next douTia «o "Sept 6 —Sept li.

— Caydtrax SJL

— PA Box 17ft 1211 Geneva 12. 0104122 466288

= ISKx — m zA y

— Capital Asset Mnogers Ltd.

i gfi 7he Ciwrvncy Tnnt ,_[8t.00 91-001 1 LU

Capital Internationa) Furta SA

— 43 ta d rad Royal Uiaewbourg

— Capital Int. Fund I J23J6 [ J —

HK Fuad Manapm (Jersey) Ltd. r*£nAmer>can _

Oueem Hsc; Don R4 St Heller, Cl. 053471460 r*^

HKGNt Fund lid U03D 1070 ..l 13 M

Trtet5J425

— U?Gro5hftxxr**. 11017

M - BE&a%r--R&

^

l.c. Trust Managers Ltd.

ID, Si Georges Si_ DangLa, loM 0620 250
InL Camnxftlim Th.|97.3 10351 ... .4 —

Next dealing (by Sejx 2.

■■■* Ccmn«xkry****t — IS9*

God Fund — ■ A977

35015

- 4 — DMJrllS.. ROOD

ESttrtng.. - IM

Yen — n.000

13911 .. J 19
q.d', | -

15«j ...1 -

i«K . J —

lb56i -4 ~

1OT7) I -
10 531. J 79

IGF Management Services Ine., I” -■ ,I - MW ~ 1 ' 1

N.V. InteriNsheer 33 Wiy Sr*»». «/

EjroSd^lleS?eJlDnjn» — 1*0071 283 Schroder Mngt. Services (Jersey) Ltd.

Cftarterhouu Japhvt
1 Patamustar Row, EC4 01-248 3999

^SS^-rMU Mini l*

Prion at Aug 6. Next ah day Snd L

Charterhouse Japhat Currency Mngt Ltd.
Chwvwf Hie, SL Heller, Jersey. 053474689
Cantial Assets Co nu n cy Funds LM.

Intematlorad Bond Trust
2 Boulevard Royal, Luxeuttourg
CIs A SiAV Aug 27 . _.j JRM

CKBNAVAiig27 . I 51067

m -

liftamational Pacific In*. Mgmt. Ltd. 120 dronde.

PO Box R237. 56. PHI 51, Symey. Am. Am. In Tst Auq
JwellnErxiityTu... IAS326 i333 4)051 780 AwwFdAug^ft.

Investment Advisors, Ine. D^iuMFdAugr? -' Jtt/77

Fin, inirniatloml Plan Texas- _ iSSSf^M P ”lB9 7

UK°d^<ns Janet ^Wlar Tel Ml-394 LVl or

Sierttw] thomn dm Tel Cl 3*7 9461 Schroder Uni

P0 Ba> 195.S, Holin'. Jer« 05M27»1
Sterling Money Fd IJ7771T12 7T14I I —

Uni utMnplmn dw Sept -

J. Henry Schroder W*gg & Co. Lid.

120 ChKipudr. EC? 015ffi i000

Am. In Ttl Auq -R . K17.12 - ■ I

AvxnFdAuglo n!*h| 204'; j 3»tj

CoLWptirtr* Aug lik .. JS1 137 — It* 1 . -1 - ^

-r- i*. . jt r nil -o r.iv.

20 4'j *

"Enctjc+I r. t ts
?i v. .) C/-3 _
b I . I -

- \ -a'

to price where reduced mgnL darocs apply-

_ Im.PemaM^iLAcc.

_ Eouky Fd. Acs.

Indftm Eo. RLAct.

_ Fxd. bn. Acc..

_ Irt.PemFta-inLAx.
— Intrt. Acc_

•17 I nd. Pc ns. Intrt Ax.
•ag Maiuged Fd. Acc

For Otter Fends an)

Wt

Ihflts rtog 01-7<

M & G firaop . , „ „ . ,

Three (kteA Tower HIH.EC3R6BQ. QM264588. Prmrlucml Lite Assurance Co. Ltd.

American Fund Bond,
snrm American Rec. Bond-

Austrabtsta Bom

— Cutnrmxflty Bond

~ Convert Deposit Bond

Eaofly Band J Acc) _
“ Extra Ytefd Fd. Bond.

— Family Bonds

— Fir Eastartt Bood__

— GftBood ,

— !n3n4j£ed Gt'Bdl-

= ISffiff-

— Managed Bond.

— SSSKSwi-.S

PWt. GltEij. Acc..... <326

Pen. Eia, r^n 432.D

090228511 Pen. K to

J I — Pen. Bis. C3p 1SL2

-...J — Pen. B8. to Z45J

Pen. b.A£ Cap 152.4

Pon.DJLF.to 17SJ

01-2833933 Harts of Oak Benefit Society
I+L4CI 1IL36 129. Ktagxway, London, WC2B6NF 01-4040393

- .fiasn=RUi iH=d =

m -ea -

Aug. 24

Do. (Accon.) .

Deposit [Cap.]
Do. (Aoun.) .

Henderson AdadnbtrsHen
U Austin Fnars, London, EC 2.

BSESfe“’ ’

City Gf Westminster Assurance

West Prop. Fund.— ~

ssas!i=

North Aawrtcan I

F» East Rmd

Property Fund—
uwmrl Fund— .

Fund

e RsCntf. Prp.

Ftttd lSeroi7Capl3:

fclg&y— ffi

S&EE'®

Manufacturers Ufe lusunnca Co.
SL George's Way, Stevenage. 043

im i -

IM:-;] -

222. Bhhopsgate. EC2. 01

Sng==ra m:.

Property Ftmd ltm.9 175J ..

Eqntty Fiuxl- 1318 1918 +

Frtf. Int Fund 15B.0 166.4 -

intemattaaal — ofi.7 lDOf *

High Income 134.4 155.9 +

Ktt&erSeTZl SjL2 lE^ *

Special Sks. 1« o U4.E +

Tecfxiatoor 103 0 109.1 *

MinaoedPrm Acc... 143.J 14 7.7 +

Dejxnrt Pens- AtS. — 124 J 1301 _

Property Pro. to. „ 131.1. 13W -

Fix. Im. Pem Acc.:.. 1425 150 J -

Eotdty Pro. Acc 1445 156.4] *

For Capital Unit erd 03xr Prices ring 01

Prudential Pensions United

— Hoknrn Bars, EC1M 2NH. 01

= m pGdRt ::

— Fbed InLftB- 25 — 133 06 3|5fl .

— Man. Find Ik.

Man. Furo Cap. ..

Man. Fund Ace-
Ltd. Man. Fd IrtL._

Prop. Fund Inc.

Prop. Fd. Can
ft^T Fd. to
Prop. Fd. Ink.

Prop. Fd. her.

_ Fund InL Fd. Inc.

” Fixed litt. Fd. Cap.

_ PxeS Int Fd. Acc.

“ Fr«d InL Fi

~ Qep. Fd. !ne_

“ Dep. Fd. to

~ Dtp. Fd. Irrtt . _

UJL Equity Fd. lac.

— U.K. Equity Fd. Cap.

“ U K. Ewhf Fd- Acc_
Z UX Equity. Fd. Ink

'•“•ftSteSr

iltt. Eouky FiL Art.

01^47 65»

-»06| — iteL Plan Cap. Pw.

— Man. Pen. Fd. Acc.

— Man. Pen. Fd. Cap.

— Gin Pen. Fd. to. .

— GJH Pm Fd. Cip._.

— Prop, Pen. Fd. to

— Prop. Pen. FtL Cap

— Guar. Pen. Fd. to

— Guar. Pen. Fd. Cap..

— Index-L. Pen. Fd. Cm

— Index- L Penrid. Acc.

Sterling Fund.__

— (J.Sl Ooi xr Ford

— • - Swiss Fuk Fund

— Deutsdie Mart Fund

— Yen Fund _

6533. - u .

‘ &EEEJ

19941 Swfianes.

_ Fr Francs

_ SWTs

Invtctw Investment Management

1 daring Cross, SI. Heller. Jeraev OS

Glh Growth Fund [FJ27S US

Gih InoanwFwKi. .. |l9 44 9&5U ..

Chawton ComrowfltiH dale of Man) LU.

29, AIM Strom. Doutfas. I.P M. 062421724

sssaii^a

CotteiB In. LGuernsay) Ltd.

PJL Bex 157, Sl Peter Part, Guernsey
Intrt. Man. Fd. [2258- 245H i —

Corteaa lirtematlpnal
10a. Bautauard Royal. Loxembaurg.

Corteaa littid. .— — -|S7fl81 — I+L2J —

CraiBowunt Fixed Int. Mngn. f Jersey)
PD. Box 195. SL Haller. Jersey. 0534 Z756Z

“^^-J^Wer^.

DWS Deutsche Gas. F. Wertpaplenp
Cianetxxyw e g 113, 6000 Fonkhat
bimsia IBU3L17 327S*0iH| -

Daria Group

PJL Box 3012, Nam. Bahamas

Deutscher Investment-Tnist

-Pestfadi 2685 Biebergtsse 6-10 600(7 Fnrtdurt

n&Kdu z

Gib Incanw Fimd. .- |l 9 44 9&9d .. J liU

JanDne Fleming ft Co. lid.

064 n Floor. CmmaugM Lrtaro. Mono Kong

J F. Japan Ta. (Y2346 - . 3 0.70

Oa EAccuml HJTk — —

J F. J*»n SmrtI Co. YU«*v! - -

JF.ftanTfrtmoto9y .V93S — . .. —

J f. Eastern Tst - .... 2-10

Do. EAccuml ~

J. F. Pac. Secs. line.! S3.90 — .... 180

Do (AccunLi MJ1 — . . —

■J F. IfiUV.TO- 5382 — 850

Da (Accum.) .... — ^ 53 K — -

X F S.E.A. S3fl^ - 1-40

Da i Accum l VL59 _ .. -

jF PM 1777 _ ... 530

JF Cw-ABd.Fd.dnc.) SZ189 — . . ltilO

Da lAtmu i >15.01 — —

S«| TSlflc CnvTs *10 35 - . . 5J0

Australia Tst. ..(S605 — . J —

NAV Aug aTfcat d nhng Ao>JL_
Lontei fterts; RobL Ftantag A Ca Ter- 01283 2400

Leopold Joseph & Sons (Guernsey)

47 B46L Schrader Unit Trust Mgn. Int. Ltd.

Bax 273 St Pwer Port. Guernsey «H'

n— y4 , Lind Carney . .. . jilO 7 5.jt3 I JW

0S34 , i « - FTufl HltCPit . ... ISia 5 t-rsfl . . . 1

. J 380 i Faulty >213 1 *l , '-7; ..! 3?)

.. . I 12AJ i F^rfheemi . . 11027 ICK'-lxS . . { q ^

SEftdy. [dll Bs9) . 1 114

.. . Schrader Life A ra mcy InL Ltd

Kan 0 Mnad. Cmcv Lite Fd>5u4.1 s>TI 741

.J 0.70 iFiirairtL.lefd .Ibi04 pFj * .. .££

i — 1 Equity Life Fd „.|tl/8 lTO-s .. J 3il

■ • | — SFixerflfitUirFd... l^* Hex'; B5;

— S Fixed In! Ufe Fd... Ji'79 5 llti’i 85;

— „ S Equity Life Fd. .. fB0.9 Ball . .J 114

— “ Prices tm Aapm 25. tint deAift Ser* 1
vno Scrimgcaur Kemp-Gee MngmL. Jmey

— 1, Oaring Cans St Metier. Jertrv. 052473741.
a 50 SHG Capital Fimd —{1823 MP.J !

— SKG IncomoFund..-fel.2 ,52?J . . i 1038
1.40 Gilt Band ...il3»?.9 147J[ .. . I —

laJS Sentry Assurance International Ltd.

— PO. Bax 1276, Hxrratlcn 5. Bernnxla.

530 Managed Fund H48M9 4 4054] .. .. J -

Singer ft Friedbmtcr Ldn. Agents.

2>1 CaraonSt, EX4. 0-24846*

Hhnel Cl. St. Prter Part. Guernsey 048i-a56sa } >c ^ lteixh . . BMl'A a271|*CX[ 6M

LJ. Swrftnq Fund — IS15J6 1537] .... J - tSSoTSTa^; lT wHI I . I Z«

L J & S Trt^rttr? l£aU- hr latra pnen. »— >-A- mm t.m U»m I td.

KMnwort Benson Group
20L Fandavch SJ„ EC3.

Translntematlanal Ufa las. Co. Lift _ . . . ^ t

55-57, High Hoi barn, WC1V 6DU- . 01-831 7481 **•"' . Lhnihwt

01-405 9222 Senes 2 Man. Fd...

J — Srrlei 2 Eqatty r-d.

Senes 2 Prop. Fd. .
Series 2 Fixed Int Fd.
Series 2 ManeyFiL.

Prop. Fd. Aug. Z5 — [51.24 .

Casn Fund Aug. 25 ....110.40 20.401 — 4 — Seri

Pro. Link tetfcvmert Plan. , |u la M

HS=I = S™

Refuge Invesiments LAntted K? 1 - E

103 Osfoid St, Mcnchester 061-236 9432 "

KS3===W ES

Belteocc Mutual

TartvSdge Wells. Kern. 0092 22271

tecre M:H =

DBBM=3BB

Royai Lite Insurance Ltd.

New Hall Place, LJwrrool L69 3HS 051-2Z7 4422 Fiscal ..
RoydSMHdFd. 12498 2U3-4J *0L4| - Grow*

043856101 Prop Fd..

+3J1 — Managed

FarmbrtJftrt PBJ »6

BKk&*JFd iJjl 742 +U 70.4 [W.. ACdlSCS

PULA Fuad J2378 SNCB S7.0 FxcHrflLFurd

Sat.Pno. Unit^_7ZwI.4 814 Snhsti r und__

Sac- First Uidt Fontf,S148 225.4 Z24-2 fW£n.»;bflrt rind

Find currency dosed warn «*es3neoL - Dctnr F

Perform -1 2704 7L,-wJ— fwiL:l Fiirrt

For Pmmp Pncss EftW pi wne 0w8 MalDl Inrane runfl — ~
Serigs Prtia a* vct PQ^qea JssoaX aftfif UJ.yO, gggjjy gri* *
Serbs 0) These ate bid prices tar earlier paUdes

uei Ufe Assur. Ltd.

Addiscamb? Rtf., Cray.

■1B?,5 1143

116.2

Clerical Medical Managed Funds Ltd.

15, SL James’s Sg,SWlY4LQ. 01^9305474

Itenrsed Series A
Series C
Units.
High Yield Fund
Money Series A_
Maney Unite
Equity Find
FWlirt. Fud .

ai =

I nvewnenL. — [693

Iitiematlaaal — . .1133.7

ftansla* Fund Prises
Masged (nit — . —

Dd. t ...

Property I nit —

Do. Accum.

Equity ImL _____

Do. Actum

Gm-Edonf Inh

Da Actum

Guaranteed Idt

lirte^fcriT"

Do. Acown

Index Ur. GlR InH, ...

Do- A mx n.

a J — Series 2 Moray Fd..

a — Series 2 0‘sero Fd

utolwritRL,.

„ , Tulip Mxnjgetf Fd.

3--J = S£S» F *"-

Nan.Fn.M

061-236 9432 M «- **”■ Fd - AnL ~

n j _ Trident Ufe Assurann Co. Ltd

m-~i z

0092 22271

Ha -

inaem ure Assuranct un. un DLSwritag I4S.7

Lhndaa Raid, Gtawcester 049236541 DL ImtnaUomd BQ.95

77, Lenden Wan. Inta, EC2. 01-6283200
WVichester DteenMetf LM. NAV JidOO. $22-51.
Winchesarr (krone** Ltd. NAV July ». uSIg.
Winchester U3. Rvservrs Ltd. Current y*eld 12.0ft.

Dreyfus Intercontinental im. Fd.

PO. Bex N3712, Nassau, Bahamas.

NAV Aug. 24 _J2534 2L9i| 6.40

Duncan Lawrie I nr. Mgt Uft

Victory Hie. St Peter Par. Guerraa*. 0481 28034

ftBSsrdft- SM=]tB

K.B. Far Eaa iGnsy.i
K.B. Gilt Fund .... —
K.B. lot Bd. Fd Inc..
K.a Im. Bd Fd Act

K.B. iml. Fund

K.B. Jnwi Fund -
KB. Steri. Asset fit .
K.B. U.S. Gwth. Fa. ..

Signn Brnmna

TromaUamlc Fd. -

m

“ l \fe

m

36.04

01-6238000
-i 530

Strategic Metaf Trust Mngn. Ltd.

3 Hi! Strom. Douglas. I0M 062423914

Strategic Metal Tr. ...p92S 0 95601 ... i -

Stronghold Management limited

P 0. Box 31% Sl HcHrr. Jersey. 0534-71460
Commodtty Trust... .C29A 362-111 . — 1 —

530 Strangmuu Management
7.97 P 0. Bo* 315, Sl Hcttrr. Jrrsey
ComaiedttyTrua... .C29A i

111? Surinveet (Jersey) Ltd.
269 A HID Sl, Dougtei, Kir of Man
0 97 Cooper Trust JU2.03

062423914

12.6:! -010 -

MwieyraHI

Imernattonrt

Emaoo ft Dudley Tst. Mgt. Jrn. Ltd.
PJL Box 73, SL HMIer, Jersey. 053473933
EJJ.IX.T. |9I2 107 -2 .....J —

The EugSsh Aneciation
4 Faro Street. EC 2.

E. ft Income Fd.* — 1593
E.ftSlarilnB- ft8t7

Commercial Union Group

Bt Helen's. X Undarshaft, EC3.

ZZzdinJ**-

“Kend in Hand" I — riffle* Bond.

■ixetf I merest 1

Net West UrritTitHt_|U73

Conf ed e rati on Ufe Insurance Co.
5Q,CtaiceryLiM,WC2A1H£. 01-2420282

■ Pfccs" "

Fted InL Fiaft.
Indered S*c.Fd.
European Fund _
01*2837500 NaturaliteoorcM F(L.
HUG — Far East Fund_

l+afl3 * - ISftSSbs

,931 J — Padden Fwd P

83 J — Property to

Ita — ftopvrtyCsp.

All I — MavagedAcc.

* MratalCw...

Gunameed^cc
Cl Guaranteed Cap-

Asc.

4 — fi*etf'[S P to.

— J — Fixed InL CM.

1 — Indued Sacs, to

1 ” Indexed Secs. Cap.

- Imperial Ufe As*. Co. of Canada

_ Imperial House, GulMfefd._ „„

— Growth Fd Auq 27 _

Merchant Investan Assurance

Lraa House, 233 H# SL, Croydon 01-636 9171

p M Z

^i^ 5 ee m j| =

SjEEE E * =

Do-ftS: ifflj r-M -

DaPvns._ LI- ’ 45i —

Index Urtrod B&5 . +SJJ —

Evjal Ufa (Unit LWcrd Asmctaert}

KanagraFurd ^.11(32 138.

Eoxity Fund — IlDS-l 111

Properly Fund 5068 112.

Hfl'nvUiocfil Fiaid.—taoj) 104.

Gilt Ftintf ... J29BJ 114.

Money Fund. (97.1 102

Save & Prosper Group

4, Gt-SLHrlea\ Lndr. EC3P3EP.

&

Prop*- y Fd.* 257A 272

Gilt Fd.f— - 1188 3 199-

Deposil FdJi 1721 182.

Mao. P. nTFd.1: 360.4 3SL

EquHyPrrB.Fd 3-3.B 3S8J

Prop Pens Fd.“._. ..jw> 538.1
Gill Fens. Fa.„ U5.7. in.,.

8 +0.4 —

ioij —

-05 —
*OJ -

Growth ■ ,

Pem. Eauity Acc.
Pens. Mngo! Acc-HB
Pens. GBl Edged Acc.

01-5887081
I J 7.B9

1 9p|

(AS g«rFiL»:0&i id :::::] j$

•Next dealft SepLT^Neat dealira ftg- 3L

Emritage MaROgement Ltd.

GrenvBle Hse v SL Heller, Jersey, C.t. 05S4 76007.

gM^zzrf m \:ziz

Eurabond Holdings N.V-

Continent a l Ufe Insurance PLC
64/70 Wgb SL, Croydon CRO 9XN 01-6805225

BSI=J =

KSStf**

nxedlnL Fd._

mm

- +« -

mz

i +o3 — b*-

Tyndall Assurance/Pensions
01-5548899 Hoad. BmtoL

iojj z Si ‘

"° 4 r is-?

•• " Ornseas I nr 117.7

.. — UK lew 2233

+3i — Degatlt U8J

•ni — “4n.Pra.3-W . *7.4

“0-7 — Eoiii^Pen 435.2

“ BoodPfn—.- — 2704

js- 5ws=== m

Ntfw Series froa ftnl 1 TlS. C

0705 >887733 SSJKSbS^ &“ }«

-SI = %£^z==.m I

| > — Cash Deeosit W8 Jw.

^ + 3i

Assurance IjgSfwf “MJ SI “ 0i |

■ Croydon 0^9171^80^^1^®

259.7 +0.11 — *ft«s on ftg 2. tVfcekl y Oralln®.

aSa +02 — Schndsr Life Assurance Ltd.

SJ8 +OH — Enterprise House, FCrtanouth. 0705 £

St"5 i tI — Eou*iy — (554.P 23-3 *5 -j

^-2 +L7] — nxcdlnteml.._ ZU.8 ZBX -05

HR + ?fl — Property 2bZQ SJ ....

2WJ- +0fl — Overs Ml W9 1 1143 +15

2S3 - M«tev 11475 155.4 ....

*£l “ Ktananed t .. . . 207.3 3Ej +Cl£

” CCMVaogua-l bn»s 1438 SD +08

J8-? *5^ — Incame Dcirlb 115.1 121Jri +0.1

HH Tf-J — iitanra Amn. lji.r MJ.J ...

’^e + ?3 — Capital 107 2 l ji? +17 —

civ - General — - 123.1 lgi +D2 -

|J.7 +6t — Europe., 95 6 “0- 7 <D -9 ~

gj +2.4 — Smaller Co’v -IS! J29i +0-7 —

■&! “ Anxertom 109.7 IWi +28 —

W3-* -9-91 — Tnkn ; — 97.4 1028 +0.2 —

JS-I — i-tt — Gill & Fat Im 1213 127J *02 —

1055 . +(U[ — Australian i. C3 7 8£U +D.7I —

Singapore fi -Malay i. 80.1 ,g4 — -[

Uft to. Co. LM. (MWetriSJ

Korea International Trust TSBGRFd/ftii

Fund Man.: Korea Invest Trust Co LU. T3B Jersey Funa
to Vickers eta Cotu Ud. King Wiliam Surat TSB Guernsey Fu
Lontfcn EC4. 01-6233494 Pica on Am

NAV won 6,56956. IDR value 883956.

The iCorw Tr+st Tokyo Pacific

Daeftan Investment Trust Co.Ltft
1-518 yowto-dong, Yongchvigra-Ku. Seoul. Korea

NAV Aug 21 l-xm 10529, IUSS1453I ^

Laxartf Gratters ft Co. (Jersey) Uft Intim Kaupm
P.0. Box 108, SL Heller. Jersey, C.L 0534 37361 NAV pet

Lx:. Bite Int. Cm - W55 JIM ...J 150
Lst. B rta*. im. ine. .. 1300 TymtaJI Group

Ljz. Srpi int. Acc — ISU2W L itojSt . • 13 00 7 VMivt n iimi

1±/ Fro eS 1 : J ■ ^DO FroEafleraAugJ

Capital Gwth Bnd W032.901049.7H ..._J —

Ltoyds Bank (C.I.) O/T Mgn. iSSKdlSSi-

P.ti Box 195, SL Hetner. Jersey 0534 27561 F

Sert^2 £•* 302 Mft^rr*

LkmuTn^m^'lg6^J3^f...J 11-75
Nen dnaSng cSra Srjxmtocr J.

284 TSB Trust Funds (C.l.)

258 io Wharf St. St Hritec. Jenej (CIV 055a 7KW
TSB GBt Fend Lul_ [1025 105 Gj j 12JB

. . TS8G,llFd.-Jsr.iUd. 1030 JSffJ I 12^0

TSB GBt Fend LUS— 1025 105G 12|g

TSBGdlFd-Jsy.iUd I02D IS? f| 12 ^

it Co LU. TSB Jersey Fgnfl... . 502 61 id .. SM

Ilian Strt*t. TSB Guernsey Fimd .££2 t-L3J I.v’jO

01^233494 Pr^e on A«iu 2S. Neal Mb «y Sep* L
383956.

Tokyo Pacific Holdings fLV.

M Inunvs Manmrtnent Co N.V, Cur.-sxx

ieai s&ta NAV per share August 25 STD o5

514331 Tokyo Pacific HUgs. (Seaboard) N.V.
r) Uft fnfi’m Kanajeirmt Co N.V. Cumxi.
053437361 NAV per share Aug 23 $51-55.

... LOO

[300 Tyndall Group

■ 2 New SL.SL Haller. Jenny. 0534 37331/3

" 14 00 T0FSLAug2te ULM «.«* ... 2W

li'vn lAcauaslumJ 09 Ha 2U5| . —

LOO Far Eastern Aug 26... 1512 11X2] . . 24J

_ lAcaansharosi. .„ 1706 1PLFJ —

Far Eastern Aug 2b.. 1254 134 . .. LU

UWtexii. sharort. D»3 144,01... -

0534 27561 J«*y Fd fiua,25 — 123.4 139fJ 8 60

l \to <NorvO.AaTU-i.l_ . 2660 2? rt. . 1 - .

..J 302 Gilt Fd AaT) 25 1114 J15 i 3 - j ID-M

Lloyds Bank International, Geneva ; town, aw u — 6

Pa Box 438, L2U Gerave 11 (SraWrlsnO Inwnwwxd Equity.. -36 n
Lloydi Iri. Groenh ....ISraVM tUU .... \ L« .T_ - hLO

Uoytfc InL Income _.|SF2755 .. -1 7.40 q- 5 __ {1^75

Lloyds Bank International, Guernsey

Sft. Europe Obtigations SJL
9, Avenue de la Ltaerte. Luxembourg ,

LnndoH Agent: FFS, Salisbury Hse, London WkH
EC2M 5TA. Tel. Oi-920 0776 Trifx 88728Z
Europe-0bll9Ulans_.| S43J9 [-028 13$

— Eoratex Imrettnunts LM.

P.a Bor 136, Guernsey. 04B1267

Ainmoer Fund 1 1147 I ....J —

Nefl OWS Mine Auguo 23.

Louis Dreyfus Commoftty Fund
cio Trust "r, PA Box 109?, Caynun Islands.
Aug. 20- Valuation 55.50156.

M ft 6 Group

^sT.t^ v -:.oV?o

040126761 UKEcmlV.. 199.4

- J — Do-S 3 520

Imcmal. Fiwo int » 77ir5

, DoS *290

0 Gleriun Fixed ML _ 2J9 3

Islands. Da S 5575

j. Dollar Deposit 82?

Do y'~ . 1450

Sterling Deposi 1300

njMdSRR - Da. 5...

UK Agents FIS, CLUfians.
Eurotax Im. Fimd .._|1085

0727 33166
U4J1 . — J -

Three Overt. Tower Hill EC3R 6Ca Q1 -626 4588 - w * r- fe,"

Ai Untie Ex. Aug. 17-JB-J4 5571 .... J - *ET*ZZZZm

Muttipfe Health and Ufe Asm. Co. Ltd. Sony, *w«i -- f

•OBfi* Mb*

M :::: - jSg ga. - feti

Magna Managed ~_| 1955 I — J — American Penpco ..ft. 1

— NEL Pansions Uft

Maruart Pemlon-. .. 4563
American Penueo.. .. "a.l

Tolt^o ftrrJon S1.4

Aosirallan Pen 89.5

Cornha btsmace Co. Uft
^rCcrnhatOft

sl-v

Credit ft Commerce tesunoca Co. (UK) —rzrrl s_j_
CCI rise., Heneage Lane, EC3A a3aOV283 2411. gg^riSI

Irish Ufe Assurance Co. Ltd.

Baslldoo House, 7/H Maorgete, EC2. 01-606 8«n

t u**sno ms —i -

XbaSaSer
Mod. Gth. $er-

SS Series 2__

I ::_J — Blue ewp Serin 3-^

High income Series 3

1 Cm. (IHO MwSd Sri* 2

nr? . i

av Iv Lit Senes e Az Aog Z7 art Flea. Inv. Crowds

Persia its Seres B Act Aog 24. Otter prices hi rtgueo. Futuro Asd &owth ..

Scottish Amicable Investment*

P.0. Bo> 25, Crotforth. SUrimg. —msiiwai

SS£kJe m : :d :

Vanbrugh Life Assurance

41-43 Maddox SL, Ldn. W1R9LA. 01-499*

utuMi rd mj mx +051 -

fr^llVd? 13“ +L6j -

hri. Fd..._. — „ m| ||7jj -M -

Vanbrugh Pensions Limited

41-*?, Maddox Si. Ldn. WIN 9LA 01-499 4<

Managed im? MM -0J| -

Rxird^iiTn^rst-; ^3 —

Guaraateed....... 9.75 —

Windsor Ufa Assur. Co. LU.

Raya) Alban Hse. Sheet Su Windsor 68144

Inw-sicr Units - ■ .11147 1-20.2 —

Accum. Pm. Urtte~..]BU m-3 —

FVx. Inv. Growth .024.9 23151 —

l ZZ\ - executive Ufe (C.I.P. Managers Ltd.)
..-J — P.0. Baa 1063 Grand Cayman B.W.l.

— J — TraasAtWfcGvdft.RJ.1 $1052 -

01-499*923 F ft C Mjput Ltd. Imr. Advisers
+051 — 1. Laurence Pauntney Hill, EC*. 01-6234680

“ Price Aug. is. Weekly detatogs.

Ausllan Ex- Aug la.. S3 15

Gold Ex Auq IB =?.g5

(Accum. Units'

(Acaan UnlU) — 12853

Mm:

iiwl +0.1I

302^ +ftl

Grtd-. p78

UKProoerty — - 1966

Oa S - 347.1

IntenaU. Managed.. 222 Q

Do. S.. — 3920

UK f*uBgeo....«- - 2DLB
Da S U500

FUeBty litteraatioraft

SjCL.

»5&S'8!& K I
SSSf, 1 ™: f
STSS 1 ---": g

pacncti) S&52?

Skmfrteanlnt 'ra'ii) *9.1
Gilt Fund ~i-...pi8

a SL SL Heller

Management hrtensatkmal Uft uk T«S 35a““ S)1B 212

Bk. rt Benrada Bldg. Eemvute. 8D9-29MOOO DaS 0560 575

Bdx lad. Ed Fd Crtcl SJ4 47 I ... I -

-WS WSA U *■ ? i 'L T 7S* 5 , i ^,. I S 1 c , r !,L

Manufacturers Hanover Asset Mgt Om | _ $10 O .. I —

PO Box 92 3t Peter Pon. Guernurr. cwai 23961

gssifiSfegs'iffiiasaK

Midland Bank TsL Corp. (Jersey) Ltd.

2834, HlH Si, SI. Hriler, Jener 0534560

MW-OmytonDH pD^.o int 41 +0.11 1U

Mid. Drayun Irt. Bond IsLlD ill! ... .1 9H

SSHww:

ffig=

ri’Sl

+034 067

(Jersey) Ltd. S.TivtigTrortnnAue, Laoten. {71^386111

' o534i*2fll UrtalnvM.Fimd 65091+0211 -

J ?j 3 ^1 Unkm-Investment-Gwoilsdaft mhH
—■ Posll.veh 167b7. D 6057 Fr.mHifrr "iK

Mid. Drayton W- Bend [SLID iJll ... .) 901 UnHm-investment-GowHscmrt mnti
■ r „, ,, , p„ eh- Prf Im- Posll.VCh 16767. D 6057 Fr.ifiHifn iK

“■ avnn. UnHmtas ._.JMM9 lAlrirflin-

PO Box 19^ Si. Helior. Jeney. 053427441 n mrA HEM" 55 E3ttJr029| —

MORES Aug 26 -1965 9«H ...J L21 UnrtnU |mCU- J 395«-ain) — .

Samuel Montagu Ldn. Agents _ 1M

114 DM Broad Si ECT 01-538M64 V.CJL FinMtcjal LW.

AEIT Auq31 ] - 150^ 52H+27] 7M 42. Esiw Siren, Lorain. VJC2- 01 3F3654S

CCF RxxtflntfrtL J

a!«i»hws»rtf

~ EiaawtMjmagtel

“ pptj.Pw.Ser.2.

Pen. Series
Pen. Ser.

CMttent Ufe Assurance Ct. Ltd.

34 Hew BritoxSmeL EC4V6AU- 01-3538931

'*«. JZIro?- —

King & Shaxsen PLC

52, ConHfl. EC3.

B«d Fft Exempt — ^935B

01-6235433
95JC — ,J —

Langtrara Lite Assur. Ce- Ud.

Lantfani Use, Hohnbrook Dr, NW4, 03-2035211

= TT - I.i . — Fb ieJInterv -I i2J.|

teefear Dwp^ft Cra> — 68^ -— — ln»maHenci - I«-9

PWft IVpofll ml . — Ti.* flJf ...... — Property ..... ... ]U3

Ntky laLftaLlhL C» 60.0 BlJ — 1064

aatfifist fig- S“ = sssmC?-* — S6

e*«npi Fxtf. la. mu P7.o

NPI Penslem Management Ltd. Esemaffmrt imt W*’

48 Grwedwtfl SL, EC3P 3HH- 01ft23 4200 918

Exempt tali IniL 5

National Provident Institution ^SSSmUAZ:'. wo

48,GracedBntiSL,B3P3HH. 01-6234200. t^Acam 107ft

OFFSHORE AND
OVERSEAS

97.| +L9

Tolc?al .

■j tefe

r S^^J-asTd'

Adig Investment ct.im.

Pnstfadi 70S. 8000 Murtdi 1. Telex 52*269 Frits#.

Atfrenll “ ~

Diartautionftg'BZ

Adrterba

DlswbuttooAug'BZ

Fonftk

DWrdMJonAup'82
Farafh _. _.

DMributian Aug *82
Albany Fund Management Limited TerTcS

P.O.Box 73,5c Heller, Jersey. 053473933 Leaden

^ SF4(C fe^ 3 ieiT r --™ 1 " £C

tPribn at Jsty 30.

Fleming Jagin Fund SJL

37. rot Hatre-Duee, Luxembourg
FIrmhgAt«2« _| 41.94 | .__J —

Frankfurt Trust Investment— GmbH
Wleavnau 1. DJOOO FranVfiat

RftteicMi » =

AEfT AuQ 31 --

U?S?«tfis-S5

117 Jersey Fd Aug IB. |tb.9n

Pj.iA.TKr. 0 r s Fd JS448 — I .-1 —

Vanbrugh Fund Uigmf. hrtl. LM.

_ 2B-34 Hill SL Ei Hriter, Jersey. 05.44 362SI

Virtrugh Cwrroq FdJ113 4 113 61 -01| 7.92

Free Wnrtd Fund Ltd.

ButterfleW Bldg- Hamilton, Bermuda.

NAV July 31 .J 5)5006 | .—J -

Murray, Johnstone (Inv. Adviser)

16% Hope St . Giassowr. CZ Ml- 321 C521 S. G. Warburg ft Co. Lift

Hope Si. Aug IS [ $4137 [ ... .J - 30. Grcslwn Slrrrt, EC2. 01-60045

Murray FdVbg. 15... SPJO J - Energy Ind Aug2b-. -

Pacific Fund July 31. [ S3 86 !....] — Mere EurMAuq25 S13 .V 134fci051 5i

Hat. Westndnster Jersey Fft Mgts. Lift sSJcsEaUoB "' 5LJ35 io3 "" -
23125 Broad St, 5i HH.rr. Jer-ev. 0S34 70041 ^

HWilrara Fund-. .104 Wfl -US ’-»« VMim Inwst- ^ Ltd.

bS^TEl? . 5? a :.J 9 47 7 Ubw PI W Si Hel.er.J~ Cl _ . 05:

01J4»455fi

-

..Oil 573

HUtfi Inuanr Fund- ..153 j Mji

Equity Find .-....-lb 4 7 Wt

Mernauanai Brad* . I55J a.. I

•Sab. dnr every Trsrs.

i «mi ft Geoenf (Unit Afsar.) Ltd.

RMIf . Hm

Cashlnftid
Do.

Deposit — ]

tadrafteriMaes
Maa. IrtdaL

Scetthh Mutual Assurance Society AawnySFn (Cil — C147 35 J«9_89[ ..... | 2ST

109 St. Vlncrn: Su Glasgsn (W1-M3 6321 *a «Mnfl Sept. L

FI«EndAuf.l7 .....C4L2 S-9 { - AHen Haney ft Rusi Nlv. Mgt (C.U

Pen. Mngd July M...I34L5 249.0} 4 - ictBrtagCran, Sl. Heller, Js„ C.l. 0534-73741

SlKVSEsSK ... H «» gw ggjM .MHa

Inv Poll Aug ra 173.2 17ftg . — J — raltance Interaatnal Dollar RnerVM

lflvM2Au9W |l«4 17|JJ — J —

Cnnen Lite'

CrowUfe Hse.VHhktaQ GU21 1XW 04862 5CE3.

■ jga mjjo

mm. — Htts.-

Indexed Grit
Indexed Gift

-63 -
-OJI -

New Zeatend Sth. Brit iattft. PLC

Maitland House, Southend SS12JS 070262955

’ MVmI ifm-M L.. fitew

I Mil ft General Prop. RL MgR* Ltd.
IL Omea Victoria SL. EDmidTP. Cl-24fl%7S

— tav Cash Aug 20

— Mraetf Find

— -Equity Fund

— Property Fund

— iGfcnuuoril Fund

— Filed InL Finn

— inter Site rd

— CaftFd..

— Pens. Mbed Fd. Ord

— Pere. Equity Fd.Orft

— Pent. Fi Op. Fd. Ord

— " Pens- 1«- Fd Cute.

— P-oJ'nJ.l.ttFdiOrtl

— Pefl.lnd.Sik Fd Cud

— Pens. Cash Fd- W

— Pens Man Al-9 +S

— Da 56 F«t Aug24

— Do Pro fu fieg2-.

Do Cash Fd to 24
ExCnrt Acc tai 18
Ex Uitli hK Aug*

2955 Sua-Jj’-I Life Assurance Cj- LM.

_ 361-166 Fieri St, Lomsan CC4 2DV 01-353 85 12 UnSrtjsrTrmt

cfo Bank of. Bermuda, Hamilton, Bermuda.

- Mr. ACMI, 62/63 (kaee St, EC4. 012468881

- Dteributtan Aug 25 (0X002 42) (920% pa)-

Z Aibuthoot Securities (C.l.) Uft (aKc)(h)
_ P.0. Box 428. Sl Heller. Jersey. 0534 76077

-0.1 Dollar income Tst. —[SLOCO L04S +03 1196

: asj&JF “83? 31

- s ,, n »si^TSsr i a5 , na«

- Dnlbn an WMnesday.

- 8 .UL Band Imstncats AG

_ 10, Biarrrsinssa CH630L Zua Svftzertud

_ Bearer SfcL Aug 19.-PA450 HOOCH ._J -

- Bank of America Intematianal SJL

- 35 Boelevard Ravel, Lneotang GJ).

“• WUnuest Income -- SUN ,97 110-El . 16.73

C. T. Management CUJU LM.

rT^^ta^ioa
London Agents for

G.T. Asia SoStao C2 ^M^SjC 1

U&fsEm m -j

C.T. DoBir Fd

g:&S^S: d4 0 5ja :|

C.T.'japja Snail ta... filM
G-T. Atwn Giwetfl Fd- J8J3

&B Gsrtmsre Invert. LM. Un- Agts.

2, SL Mary Aar, London, EC3. 01-2833531

l awH,»5^ u »'

Mert Comm Aug:*. il.'A! L>&

„ -r _ Start frTtlArt)^.. Cl! 77 12-1*.. .. ,

fleglt &A. ttat-JsTsi.Auq.J9. Lia.59 1L0H ... J

l(ta Boulevartf Royrt. Lmnribourg SMTLidAin2b QJ54 lt^si+wl

VAVAugP. IJ946 — | ... | — Mere 7mn Auq <0.. .[13^7 1>M • 1

££3 b“ 9ft s=sra?a?js-

Has ifi£5“' K “1'r : SS7»Sv«t®te S8-J

aisarjtii sassate-as. sad

Horthgate Unit TsL Mitgn. (Jersey)

P.O. Box 82, Sl Hrilrr, Jereey. 0534 737*1. World Wide Growth Management*
Padlic FdAugll .-..[38.74 929| .....J — iqj, Sdutwari RoteL Luxnnboiwg

fiSSJ :: I its

1L L'J. ... I —

11X1J ... .
PFsUW
i: td .

Wardtey Investment Services Lt ft,

4th Floor. Hiscfdsan eras*. ito*i *ncn

«SS?g£. T fl2.:ISSi Hd

HtsddBW Hie,
sJtaTsL-

WMtawa Income __ B10997 UOSI . J 36.73 HKi Pac. U. T*L

Mm at 4ugi2. Next ata Am IB. Nm Fd J

Barclays. Utricom International {t-AmerieraTri

X Chering Crass, Sl. HaAer, Jarcay. 0534 73741 ML Bon wma j

iFir East) Ltd. (aXIt)

Pacific Baste Fund

10a BcuKravtJ Royal. Luxentaourg.

NAV I SU27 JriUBI -

Inv. Mr.. M. & G. hir. Mnff, Lift, IradaiL

Phoenix International

PO Bu 77, SL Peter Port. Guent 04812671

Irtpr-DoUar Fund [3J4 3J9| . —

Fra East Fund . ... -

IML Ovrenn Fimd - SLtS V79I —

Dollar Fat Irt. Fund. 5Z71 AM-..- —

Sier.BwralGiHFftPSj 209|.._J-

Pnvfdsnce Capitol Entmsaticna} Ltd.

10a, 8dulnrad Rrrrtt. Luarmbom
WbrMwkto G«i M Slfl-W |+^»
Int Adr.iM.fit Inv. MagL, Lli, ltanki

'teSton. Wren C ommod i ty M anag em ent Lift

30. ti OoracsSv.DwBtc.lcM (to,-4rOT5

Wren Com. FunL (32.7 34.H1 ._.J b.tO

048126741 aCriKd!!=BBJ ni 9.M

1 — praom IteEd Fimd 157.5 343. — a30

— Vacouvd CmSy. Fd... |4U 6 41.7 .... U6

- ASrfFutamFd -P 7 J im= •- -

— Wien IntL Fad-" S08Z1 0854 . .. —

NOTES

PO Bra 121, Sl Peter PoraGueriKny 0481 26726*9 ^

itlf ^(f\i L iiLuL-A tr/iCRfi LOm 1 line jWjnirtW > WB W pwit frtrr M u s.

inri. s55dSSto"r toM 0.^ .."J - dMWc Viehfc % Irtmv mln fart trtunm alt B v. i tar aU

Wevfcl Teetvntoqr lS3,336 asm .Jj — huyba aatwmw. a OflerKl prices hvante W1

Mwagrtto- 1CT.B

EoaftrAcs- J3J ?

Glh Plus to.-.. .—. JSJ

Intersaikxwl Acc 123 J

PM-6UuartAcc._y37
Pots. Eijuiiv Acc.--.R-ii

233.71 +A6
usj +n.9

m m

1543 Tli

For Prfcc? of ether llnia *ad hm#ri
Bays RAM pleae PBoae 01-K3 8511

Da. Aua. Min.

DO. Grfr PldftC-

Do. Iittf. IptB»e.,~-
Da. isle of M» ta_.
Do. AbnxMutnri—

+0.fl 930

! —J 2*0

nan fiartvare FbM Manage ry (IQM) (a)

2J5 PA Baa 38 Douglas, Weal Man TeLQ624239U

S it! :::i iS

ff 0 Aulonzisnl GEMEJtAU S-pJL
UD PJL Box 132, Sfc Peter Part, Guernsey, C.l.

Inti. Sloctanarto —
World T e dinohwy.....
N. Aa StoduiMet..

Far Eaa

UK Fixed Interest —
httt- Furotf InL
Ind. CufTtri
I mi Moray
ILK- Manny

fcwSUO&a
Next tfsatng Seft. L

— expenses b Todjy’s price, e YnM based on oHer

— twice- d Estimated g Today’s wring price.

— h Distribute* tree at UK wxe*- . p Period*

— rtwratan tewrasce plan. ( SwiM? premnnr

hnuraso. X OfWd (rice Irelurim. ah r ax w

“ except raert's commeswa y Ottered once injuries

aK e xu e n se* H boutM tbroughiranagen 2. ProviOus

_ day's rata* 9 Guernsey grow- * Suspended
♦ Yield before jersey tax. 1 Ex-utxfeniion.
tt Doty miabfe tn cterliMde txxSes.

J

i

PR
mil
SSa
a •*
pan
ser
Rig
wa?
bra
A
Wa
teni
pv;
plie
ivrn
thir
rest

H

Jacl

pro]

rebt

that

fcrc

and

tax

Rea;

port

Tl
sUlt
ecor
tion
and
2?P
frntr
Jhnu
ritem
pent
In ?!

' H(

ins

coali

■ »

0

.f

V

A 5
Ffi n-
June
.-irer
peon-
laics

Th
it w
fitrer.
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Kure.

At
•47 i
l-ili •

rna

i- v/i
belie
eacc.

A

16 pi

thev
had
• Th
as ;

i

'a

b

THE

ment

•ion

over

main

iviihc

a v

i-.’he!

Th
preie
comp
r?hc:
l::e l

hclnr
price
nccus
•ieres
incur
l he c

Jn

ACT!
Jaiter
jnpnt
defiet
rcres
prole
perfo
outsit
Th*
achic
greur
reces
.indue
faltin
■frntn-
tficalic
■" filial
price
innre
'direr!
in" v
Us
ishol*
fiirri;
Put I
«’enr ;
ifls:

ably

Mini

RO

art

5r

PJ

La

cr

4*!

fD

DV

(a

tic

cu

ex

:ht

nw

ic

cu

an

nli

Bt

\

26

hferetf

Dot

BRITISH FUNDS

| Price | Last I YHtf

£ Id tat. MU.

Start

‘Shorts” (Lives up to Five Years)

SJul 5JaiEwli_Sf<pc 1983

21Aug 21F E*ch.3pc 1983

17S 17Mar Treasury 12pc W838-
18* 1AM Treasury 9 1 «pc’83_.

22Uay 22N Exch. 13%0C '33

12Jun 12D Each. lOpc 1983

15JW 15Ja FoaftsyaK ’82-84#
20Aug 20f Exch.il%pc 19B4—
22N 22May Exrtewer 14pe. 1964.
190 19Jin Exdi.3pcl984._--..
a 6M* 265 Treasury 12pcl984_
22tog 22F rresanyl5pcl«j5..
22S 22UvExdi.l2peCm.’85...
21N Zltaj Treasury 3pc 1965 — I

15Jai 15Jul Treasury llJtfC 1905 J

22May Z2N Exch. 10%pc 1985 —

25 Aua. 25F Exch- 111«C Ufa

1TO IT "

1986 _
■86

120
i n n

Ufa Min

29Apr 290ct Exch. 14pc 1986

Z2Jid 22 Jot Bash. I3%K, 1987—
— MlCfccWtMOpd).
IN IMay Funding
14 Jl 14JU r

lOJuHTrsswyB ., .

Ureas. 12Upc "86 Cm. J
Ipclf

a

99%

.971*

iay*

95%

ion,

lOtffc

91

1684,

102

105%

Vt27 B

84%

103

96

106%

MSS

IDS

S*

aiv

Veasury 3pc 1987 _

Five to Fifteen Years

Ltf 8.79
15J 3 M
m u-84

Hi 929
15.1 13-03
ti 10.00
8i 5.77
14J 1106
15.4 1333

115 328
20.8 1166
16.7 1329
15.4 1147
HI 143

161127
15.4 3184
117 1142
114 355
65 1165
16 8-85

- 1149

- 1173

116 1227

- 1854

« a

3%

. JNiTreas. 12pc 1967 —
3 lliliy Trras 12pc 1987 'A' .
26Jul 26* TreMny7WT&«W.
Da Liu Tramport3pC *78-88
22Aug 22F Treasury ll%pcl989

ZLAug

15 Ap 150ct Treasury 5pC

15to. 15*. Treasury i$cl99«t-
225** 22Mm Exch. 121 jpc 1990...
150 15Jur Treasury 8*<pe W-TO# .
IQJuI lOJa rreasnry U!«pcl991-.
50cL SAp. Fimflng 5Vpc ’87-91#

25Ap. 250a. Exch. line 1991-

22JH. 22* Treasury 124«»C , 9»-
21Aug. 21 Fh Treasury lOpc 1992..
25ft. 25An» Exch. 124-K ’92.-..-
22 Mar. 22S Exchequer ly** ’9?
34* lUid. Treasury 12^*: W
15 Mar. 15S Funding 6pc 19Wt -I
23 «y 23N|TnMsmy B4 «k: 1993#

270 _

fmay^N

25Jul 25* Treasury 12pc *95 —
IN lMay C»3pc *90/95 —
Zl* ZUd Exch. 10»^c 1995 _
15 May 15N Treasory iJj^c -95#-
22 JhL 22* Treas. 14oc "96_

15S 15M» Treasury ..

3N 3May Treasury 15 >«pc
15N 15 May Exchr»*r .

lAp lOct Redengdlon 3pc 1986-46 1
22Jiri 22M Treasury 13*«pc > 97ttJ
F Exchequer lCPjpe 1997 1

1061<

284

9^4

75

99-W

7B4«

208

nm>:d

89*4

^4

iSe

<as*i

102b
1071.3X1
1051,
70nf
1134,
115 i«ad
113

■W

V

iS

114> a

84b«d

126)3

1137,

51*

ni'i

94J«ad

2931 1L67
- 1164
216 8.47
255 403
16.7 1156
9i 651
861223
16.4 12.08
UL5 9.43
36 1126
12 7.B3
192 1150
15i 1250
157 10.83
156 13.97
I6J 12.46,
7312-08
9 < 854
16.4 1250

26.7 1258
225 12.46

16.7 12.11
114 1057

ZL17 U.92
S3 5.66
14i 1122
B.4 12.85
15i 1259
9.4 IfliO
29 J 1255

21F1 Exchequer lObpel

Over Fifteen Years

■ 8.4 1205

23 2 5051
156 1201
i5J lm

1000

927

10.17

9.94

921

9.40

1004
806
1852

1005
972
821

1806

3808

1053

7.97

U.9B

9.75

1002

10.92

1809

1000

9.46

755

1124

1120

955

806

1101

955

1167

1181

IMar IS Ti —

27 Ap 270ct ExOu
IN IMaj Treasury 64,
30Mar 305 Treas. 15!

.1997#.
L997

•9MB#-

vm-

'wW

20May 20N Exdt. 12pc 1998....,
15Jul 15* Treawryyljpc 1999#
26S ZfcMar Each. 12W* 1999^-
19N 19May Treasury lOtjelWj
14* 14Jul Treas- l3pc 20)0 —
22N 22May Treas. lJeJW -
22*1 22* Each. 12 dc - 92-02
25* 25JmTrMS.mpc2000m.
19S 19Mai Treasury U'soc’m-M
14* 14*1 Funding SjpcWM

21 May 21N Treasury Uhgc' TO®
5Ap* 50d Treasury Bpc’OWX#-

IDMar 10S TreasoySJ^cJB-l^.
26*1 26* Trtaary 74* TL2-15# .
32J«t. 12E Exdl. l2pc *13-17 _

8M

126

964,

113%

11'

101

79%

104

nw

7 .
310%

]AugJConsols4pc.

Undated

5*JU.0TTcaaols2!4*-.
lOcqTreasury ZtjjK.

lAp

*SiSS^--

&

23

22%nf

26.711054
- 1241
253 9.64
24i 1211
B.4 1175
8i inn
ZM 11.75
134 1126
76 1105

15.4 1209
156 1102
186 13.97
134 1131
7J 803

14.4 1157
U 1047

156 1144
173 1164

4.4 906
216 1053

6J 1102

25611104
26.4 1009
Si 9.78
131120
16 1106
232 1107

1059

1191

1052

1178

1177

3153

1U5

1206

1191

1005

1208

1202

3203

U.99

1125

1188

9.43

1155

1104

1201

1121

1200

1176

927

1174

1131

1110

1177

1074

1106

1169

11.05

1107

1140

1109

1177

1153

3174

1129

9.92

1147

10.76

1139

1150

MM

1006

HOB

Index-Linked & Variable Rate

194”"

24N.24 May Treas. VarWite«_

Sept -Mar# Do.g* .LTffl

16 Mar. 16 S Da. 2pe '•L. 'Og™-.
24 Mr 24 Spl Do.»aPCl-l-»pl-
19* 19 Ad Oo.2jjcI.L.2006--

— Do^ijjH: 10.2011-

97-.

98%>d

10.4

iiil

10.48

204

206

301

230

255

1055

277

287

290

273

271

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

IN

6N

1M

15S

lMlFHaad Wjpc Ln M86
6 M Int Bank 13%« 0986-1
. Do. 14pcLn 1987 —
IS Mex lbi*c2008~..
15M Sweden 13%J)C 1986

1W

mu

’a

I02%m

14 1305
65 1209
- 1302
- 18.97
156 1304

9 A

ID 34

24A
10F 10A

15F. 15Ag.
15M 11N

IF 1A

3A 10

15N 15 MJ

1*AJ0.
15M 15N1

1A. 10

15J 15J

310

10* 10<

lilJ.S.DT'
15J

CORPORATION LOANS

Bath — ,

Binnlam

240 ™

\ G.LC. 12)j«133 — .

Herti6%fC 198S-S7.

Leeds iSjoc 2006
Liverpool 9\pc "8004 ,

D.3%pc Irred.

Loo. Corp
Do. 9%pc ’84-85
LCC5l*c -82-84 —

DoJPjpc "BS-87

Do «UJC -88-90 —

Do. 3pc *20 Aft- —
laqx; 1984.

15D|Sunia(fand1

■K

101 %

102 %

132) a

2^3

102 %

97U

92

81%

76%

23J;

313 1131
4i 1220
30.) 1243
243 1107
127 1230
3-5 1293
952 908
30.) 704
115 1258
15.4 1000
U 1305
15.) 1296
13 9.48
150 5.98
115 6.70
45 8.92
4.0 1286
14 5 1201

1305

1104

1132

1900

1251

11.40

1137

11.72

1X44

19.70

1133

1009

1039

1254

U34

COMMONWEALTH AND
AFRICAN LOANS

xi

Ua

130

1A

150

1*

1M

3DlAust.6pc 1981-83--

i

•staat,

MSSSBIS 1

Do.ffljpc 87-92 Asstd
15 A|zMiuHK Am (OOCpa)

95%

300

638

71%#

—

1026

V

175

042

73#

10.1

4.79

50

/.I

905

396

155

H

1105

1830

1000

1037

1X51

1X18

1107

1249

1X07

1300

14.00

18.02

LOANS
Public Board and Ind.

LilAgric. ML 5pc *59^9
15|Met Wtr. 3pc *8' —

72 .

161 6.98 1X00
Z4j 9.09 1101

201 200
31M 30S

31 U 30N
11* 1U
11* HI
11 * 111
14Mr. MS
30J 31D

31M 3TO
31M M
3lA 2BF

ft share information

FmanciaL Times. Tuesday- August M.

FOOD, GROCERtES--Cont.
_-|jw !*?i

LOAN S-^-Continued

brtmst

On

Sbdt

Price List J TW

£ d I U. | I

Financial

Dl RBa* Mt «
D». Upc Uns.LiL W
Do. UVpc UBlA J9C
Do.12hJieUn.U09W
Da. 7%pcAi».

Da. 71*60*8. W

D0.9pc‘A ,,( H^.

Do, 8%pcUl. Y2-97

100 )

9L_

UU
1GM
30BM
10U
731 jai
70%rf

aw

77#

2291X58
3U -
3L4 7.00
1U 1050,
217 HOD
117 1X75
25J 1238
30.1 906
1U 1028
15J 1X19
3L4 1157

Building Societies

21 Mr. W8|»Wu*fc 757*2^9^;
19Aor 27 Ol Do. IBUpc 27AO02.J

7JuSl3lH».lftpcH^»-'

Do.l6%pcl7A£3
Do. 15%pc 7.283-
0o.l4%pt 14303
, Do.l4%sc4.4^..
Do. 14%pc 25.403-
Da.13^25303-

Do. 13‘.B>c 3A.83 -

W 14pc 4.703---—
Do. 13%pc 25.703...

100

300%

Wh

101%#

101 %#

301%#

101 %

302

101 %

M2%

102

201 %

1291557
116 16.17
16.4 153C
105 1502

111

In 1536

9.4

15.97

13.99

14.04

14.46

1305

1308

13.72

1295

1134

1250

20.70

1X00

1X80

1238

1206

1X90

12J3

1237

1459

1222

1234

1159

1X03

1115

1008

XL62

1X51

1150

1139

1X46

1X58

FOREIGN BONDS & RAILS

Interest

On

305 ~30Ml

15a Lil

v 5 a

ia i«

May 1 ,
30N 31MJI

301 3lS

3X1 3Ul

lOJa

1U IS]

XI

30) 31 D|

1A 10]

305 31M

May 1
15A. 150|

Do. 5pc 1913 — ,
Do. 5pc *25 Boxer]

i|Grvek 7^c Ass. —

. Do4pc Mixed Ass]
Hung. *24 Ass-—.
Hyk,(Meel5RUaQ-

lcefcwdb%)C’»«
Du. ]41 jk Ln 3)16 .
Ireiaad 7*jic ’0M3.

Do. 9^c ■91-96-

lDtjapan 4pc *10 Ass
Du. 6pc ’83-88 -
Peru Ass. 2007 -

Pfl - H L 1 ^' 06

Turin 9pc 1991 —
jTurln6licl984.

Price

Lot

£

fins

10

_

—

30

10

—

—

10

_

—

43

45

43

2.4

33

2.4

2

27#

L5

2\

115#

411

15

67

44

6%

maul

8Jj

14%

97%#

78#

&

202

1 Y.

79#

32J2

6

161

uo

502

77#

u

w 4

STS

4J

DM87

15.4

6*a

Ret

TWd

825

759

527

no39

33.44
1420
1437
1X97
1X19

1005

1752

20.45
02.00
1X40

BANKS & H.P.—ConL

AMERICANS

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Alcoa IS

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Amdahl ..

Aiaer. Express S060
taw. MfltaMfl] SI.
Ainer. Nat Res. SI.
American T. 6 T. Co.
Bank America Com.
Bankers N.Y.S10
BemSx Corp. S5 _
Beth Steel $8 —
Brown’g Fer. cl6%.
Brunswick CopnX.
C.P.C.S%

Caterpillar]!

Chase MTitnJS15L5.
ChesefcroutfrSl—
Chrysler $6%. —

CitfeorpW—

City In*. SX25 __
Do.Cm.Prf.BSl.
Cotgate-P.Sl —

Colt lnds.51

Cons. Foods Sl%-
CwiL Illinois S5...
Crown Zell. $5 —
Damson Oil U5S0.4

Dana Corp. SI

Eaton Cra S050.

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First Chicago S5-

Fkior Carp. $% —
Ford Motor S2-_

GATXS%

. Gen. Elect S2l 2 -

Gillette S3

GuirOtl

Honeywell $150.
Hutton (EL FJSX

I.B.U. Corp .S125.
nqersoll-R$2. — .
j.u.lmmatlonalff,
Int TH. & Tel. SI
Kaiser AI.Sij ..
Lone Star Inds.—
Lnisiaa LandSIUS-
Lowes US$050-
Manf. H* USS750
Merrill Lynch SI .
Morgan (J P) US$25
NwtonSmnnlnc.Sl_
Quaker Oats USS5-
K^.N.Y.Corp.S5.

RexnonJ J5

Rockwell Inti. SL.
Saul (B. F.)S1 —

Shell Ofl SI

Simplicity Patt —
Sperry Corp. $050
Sun Co. Inc— —
TRW Inc. SI 1 , —
Tem»wS5---— ,
IklW Lx. Sfc
TenoPtUS»U6^-
TexacoSfaJa —
Time Inc. SI-- .
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Union Carbide SI
JUtd.Tech.SUS5.
UU. Steel SI. -

IWoolwarths !
[Zapata Corp.

39%

24%xd

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194

S3 40 1
52.40
52.001
$100
72c |

CANADIANS

JBk. Montreal S2-.

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Do.4pc Deb. £100

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Hawker Sid. Can J-j

Hoi linger 55

Hudson's Bay II—

Imperial Oilll

Incoll

Ini. Mat Gas SI
Massey FergJI

MrJe.SU.

June DedRio Algom .. — —

Royal Bk.Can.Sl
Seagram Co. CS1
tfor.Dom-Bk.Sl.
ITnBH Can. Pipe -

927p

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84flp

729p

992p

14%

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571p

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306 5104
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86 15c
27 5X60
296 52.08
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176 5X12
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17.9 96c
267 $5220
127 60c
261 51.40,
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267 5200
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6.6

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50

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9.0
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6.7
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4.4
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4.9

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102

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9.7

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126

6.1

27

9.6

8.7
32
50
21
90

44

07

3.4
70

5.7

BANKS AND HIRE PURCHASE

Last I Ur

Hd ! Stack | Price I # i M

Jar. JtdylANZSAl
Feb. Aug Alexander! jD.OJ

S SBBBE5

July Ansbadw(0|5p.
July Jan Bk. Ireland El-
May Nov. Bk. Leumi SOJj

s^SSsT— . —

DhUeods

ran

Stack

Lxt Ur I YTd
Price ri fttlftr Sr'» P/E

Aug. FrtJBkJjmrniflJKjn.

J m. JulyOtN.XW.SAl-

Nev. MayrBank Scotland £1

Apr. Oct Eardap £1.—.

Jan. July Brown Shipley U

Jan. July Cater Allen £1..

No*. May Charterhouse Gp.

May Not Clive Drs'itt 20?

May Ccm%»DM10
March Opi-HWcJCrlOO
Jan, Apr. Dawes (6- R-J— [

May DetdetedrWSU

Mar. Aog Dunfesa- Grp. £X

June Nov. First NaL lOp-

— Do.Wrrb.7S03

June Dec. Gerrard Nat#—

Mar. Aug. GilMt Bros. £1.

April Goode D*S Mry5p

Not. April CrindUvs

Mar. Not. Guinness Peat -

Dec. July H^mbrns 5p —

Dec. July Hill Samuel---

SepL Mar. HorgSlmgJ^SO

June Not, Jewel Toyiwe.

Jan. June Joseph (Leoj£l.,

June Dec. Kmg&StetZJD.

May Not. KlemworsB.L..

Aug Apr. Uoyris£l.~--

Mar. Oct Hanson Fin. 20p.

SepL Mercury Secs ...
Ott Apr. Midland £l-

Oc. June Go.7i2%83-W

June Dec DoJfH.%9W8.

Dec- July Minster Assets.. .

June Dec. NaLBLAnstAU.)

Aug. Mar. NaL VteUl-.

June Ottoman Bank t20
jan. July Royal Bk of ScoL

May Not. Schroder? £1...

Jan- July Secmmbe MC £J

FhidyAgNv. Sec. Pacific Corp
Not. June SrrKftSLAi#—

Oct June Sand’d Chart £1.

June Trade Dev.SX50
SepL June Unton Dbc £1...
J. A. Jy. 0. Wells Fargo S5.
_ wnuoamtr P50.
Apr. Dct|WWitmst 20p— ■

May
Dec. JunH
Feb. Oa
Oct Mar.
Jan Aug

Apr- OdJWagon Finance

SepL Mot. All ied- Lyons..-
Feb. Sent Amal-DstPr lDp.

Jan. July Bass

Mar. Sept BeUiaren Brewery
Dec. JunHBHI Arthur
Jura Dec. Os UtftCm Wtt_

May OctiBctkfmgioiis —

Jen. Jutv Bonier Brew’s.. . -

Aug Feh. Brown (ManhewN 192

Jan. July Buddey’S Brew. J 54

FebAp.Sot. BulmeriH.P.J-
Feb. Aug Burtomwod .....

Apr. Oct Clark (Matthew).

Feb. Oct Distillers 50p—

June Gorton (L) lDp..

Aug Feb. Greenall WMtiey

Aug Feb. Greene King —

Aug Feb. GuimesS —

Jan. Jidy HfgW’d DhL ZOp

Oct Aug Invenwrdon —

Aug Feb. Irish Dsrillers..

jaJtp.Nov. Macallan, Glen.

Feb. QcL IbrstooTliwpui—

Jia - JwiMoriand

j-RuddletG.nop
May tam. Sam & New 20p
Oct Apr- Torrutin— — —

Feb. Jul. Vaux

130

ZSI

383

352#

230

350

79

33

560

800

5^2

£60>4

580

35

V*

335

It?

39

155#

50

112

100

91

69

190

110

2S6

492

45

220

302#

£71

£91%

77

130

398

£48%

92

495

230

Ej.7%

44

378

520

021*

05%

157#

1751 1025

15

52{

at 034c
30.4 210
168 fZ2Sl
Hi 7.0
7 6 23 0
IN 4.93
30.4 Lb
6J -

17i #31 W] -

20 t«i75
974

175 1575
U 8.75
13 003
160 4.13
285 *40
5.7 5.28
a& so

lt.«tQ55c

30.4 5.0

21 10.45
175 65
194 100

28t2L38

19.4 257
5.7 7.7

1*8 24.0

175 Q1D%%J

5.7 45
7J Q22c
2 a T25.2 .

3.7 040%1
175 «.4
153 135 ,

19.7 *15.75.
. 29.4 QS2.4flf
2bi# 45

19.4 h2407.
175k&X4q
20 t260
Si 03X92

m *-

16J 355

2.«ll0^ 3^?

45^ 70

ia 95

29j

245

|245

12.41

3^1

\sM

3 a

4.3l-

9

8.9

6.9

'K9D

128

%

7.9,

3.4

5.6

7.6
82

xiIhS

F1IL9(

lellfl

8.41

96)

9.0

I

7.

?J

5.1

7.1
80

32

6.7,

xllXl

6.7] -»
7 jj

, Sffl

110.4) -

,20

|100

II

3.7

Hire Purchase, etc.

CieB

Lnd.5cot.Fln.10p

Mongne Motion
Prov. Financial.

SturiaHWgvlOp

42

38

235

9t.

29 J[ 10

V nQ15%) -
2X6 T233
S02 10
151 75

- t028

13 231

10} 40

113.9

24| 70) 6.7

20} Xt
-1 4.1)

00} 70]

240

BEERS, WINES AND SPIRITS

Jan. Sept Whitbread A -
Jin. June Wo hr. Cudk

Dec. *1. TongBreu'A

Jidy DecJ Cn.Noa.V.

225

B2d

2S5

19

200

£162

171

96

585

430

146

198nf

yiy

119

384

90

100

174

66

465

98

220

190

73

45

180

329

SO

222

153

751 55
2931 92.75
2L0 19.46

linn

u

40

55 80

....Xdllq

tpi,9bll9.9)f6.ft

31) 29 -
23 77 80
2M 4.7 1X4
Zm 60 90
371 31 100
6.4{ 19 1X6
29) 75 60
25f 85) 50

19.< *3i
175 50
7 b 6.35
70 235
19.7 126
19.7 5.75
155 75
160 H75
4*81 4—
70 13.44
19.7 7.1
2X6 4.9
19.4 26
144 4.0 ,
70 tlH54%|
15J b.49
147207
70 45
- b3 3
19.7 458
301 -
76 175
70 4.4
70 155
, 7.6 h3J
231i h35

35 4J 9.9
3.0 2615.9
21 70 80
25 3J 012]
3.0 13121
3.7 40 7.1
25 20 (245)
30 3.1 14.9
25 29177
20 25225
X5l 80 10.4

8 6 "fl 76
34 90
33145
23i (la
. 3.4

CHEMICALS, PLASTICS— Cent

- 1 I I tad I Be ! irUl

DnMnris

PaM

Stick

Jan. JiHyfCcaiM Bros. —

Jan. July Do.*A’NV_.-

SepL June Cory (HoracejSp

Jan. June Cri#a lift. 10P--

_ Croda Int-Defd.
April Dixor-Strard5p.
Feb. OaElIrsSEeerOTd.

May NOT. Halstead UJMp

Aug Feb. H bn. Welch 50p

Dec. MarHoeciwlDMS-,
jm Bet feRkWItajU-j
Apr. Not. imp. Chem. £X~

Feb Aug Do. 5%Pf. £1 .

Feb. int Paint
July Not. UportelmK.5QP|
Jan MlUVHnSp--

— jMcrtey(RHJ10p
— Hart ImH.AIS'B'
Frt. JiftP^sulOP-.-x-

Apr. Sent- RzcbP® Wnt 10c

May Nor fertokil lOp-.

Apr. Nov. 5coLAg.lBd.il.
Feb. Nov. Siewart Ptotio-}
May Ott Tlanga* BanlM Ks

Nov. Mar Woliienhoime-

Apr OeL Varies Chems.-

Frist

84

82

17
84
45
14

156

76

248

250

□01

278#

45

216

160

76

18

£337

720

250

100

183

351

U

135

43

Lat

a *

d

Net

7111

13

mi

35

11

17JS

b7.U

379

?£

65

19*

?«

191

75

7.6,

•cn.9%

7f

Q10K

16)

190

216

i.b

76

58

X‘

7.0

712

b.U

2 U

&5*K

21

03

08 65

153

+255

150

14.75

150

rmxM

191

0.9

IV

6 25

m

05

60

28 5J
28 5.9 —
15 9-2 016)
12 1X9(90)

* 6.C
3.8 5.C
29 45
12125
- (101
17 90
x 1X1 -
35 35 QU
It 62
05112(Cfi)

60 Jp 3

45 27122
7M 3.7 150
27 232X3
21 1X4 ‘
50 18
1-1 H7
25 70
- 17

. J.0

1 110
80

14

150

r ua

DRAPERY AND STORES

• — — * * U1145H90)

Apr- Oct lAJ Ind. Prods—

Ott Jwe A.P-V.5 0p

October Atwood 7%p—

April Dee. Acraw —

Dec. Do. ‘A

Not. AdwestGrot*-

OcL Apr, Alien W.G

Frit Aug Anfcn.S’dyrie-

S& SSSfe.

Feb. Seat AsWC-TooH™-
Ott Apr. Astra irefl.lOp

£

May rav.BmCoB.20p-

Kay WBOJemfcJ^Cb
July FebjAilebone Ifto--
Apr. OctlAmber toy
jan. Juis Aquasajtuni 5p
jan. June) po.’A’5p —

Aug Frij.Bato^K.1^
Jan. July to«»n ! to®.

June Beattie (JI*A -
Jure. Nov. BentaHslOp__
Feb. Sept Boardman K05p.
jamary Botum Text 5p

jan *ly Brwnner —

jan. July Brit Home Stre.-

Fetj. AW Brown (N)20p-

Mar. Aug Bunon Grp. 50p

June Caird (Aj
May Nor. CmrimVA ?Op

June Dec Casket (S.) lDp

OcL Apr. Church...— — .
Nat. July Comb. Eng 12W

Aug Feb. Comet Group 5p-

March Corned Dross 5p.
Aaril Ott Courts ’A’

•■""■-"“Sffiisiss

Sept Dec Debenhams.— -
July Nor PewfnrstlGto—
M». Oct Dixons Photo 10p

June Not. EBK& Sold I5p.

Nov. June Empire Stores -

April Oct Execute* 20p_.

Jan. JJ- Fine Art De«. 5p

May Oct Fnrd(M’tin)]0P

Feh. Aug. Forniinster lOp

Jan. July Foster Bros —
June Dec. Froepans.-—.,
Apr. 0ttGe«er(AJ.>Z0pJ
Jury Feb. Goldberg A_— l
Nov. (Goodman Br.5p_j
Jan. JunefGrattan. —

Mar. DecJGL Universal.

Mar. Dec. Gus A
Aug Apr- GreenfleW' 10p
MayNov-ISatl^

Apr Oct!

Do “ApcDn "8*2001

BUILDING INDUSTRY,
TIMBER AND ROADS

June Nov.lfiberdew ConsL-1 H8
Jan. JufyiAberthaw Cent 1 310
Jan. JunlAUIcfl Plant 10p,

— [Allied Res lOp.

May NorJArndiffel -
Feb. AugjBPBinds.

Feb. AwgiBmjgendge
Jan. JuMBaiieyBen

DecJBanaltOev.-
AaglBeedncnodl

a&BTiS

May

Feb.

Jan.

May

Mar.

Aug

Oct

Ott

Jan

May

May

Jan.

Dec.

13

89
51
47

705

Circle El «?

Aug Belt Bros. 2fti.
Ott Blackleys 20p
May Blue Circle !
May Breedon Lmte..
July IkftttKeDBfcylAs

Nov. Broon Jksn. 2flc
July Brownlee

si SlSSZSsis

Mar

£S

May.

C. Nobey'A’lQp
July Carr (Johnl —
Ott Ceoeri ItaMme
Oct CoaibM Gp. 10p
Oct Conder lift- —
Ott Costain Groqp-

Ott Do-Defd

Sept Apr- Country®*---.

Oct Anril Croudi(D.)2fti

Mot Ott Crouch Grou-

Set* MarDn(Georor)
Apr. Oct Douglas Robt

4DunUnGfp-5f>
ManErilh

* a Jidy Fmrdouqh Cons.
May- Dec. Frt. Intt. I0p-
May Dec Do. ’A’ 10p ~
Jan. May Finlan (John) Kkt
Mar. SepL Front* Pjro lOp
Jan. Jriyf French Wer —
Apr. Ott

OcL Galllford 5p_-_
GBjhsD'dyAlOp,
July Feb- GleewMlCA)l&>-.

July Ott Gkwqp

Mv. Sent H.A.T. Grp- MP

Jan. Sep- Helical Bar

Dec July HetrieraaiJP.C.).
Jan. Arne Hewden St lto

Jan. Aug Heywood Wins.

Dec June)HiggsliHm..-_
Mar. 5* ptl Howard Shat lOp

April Oct l.D.C.2Cfc

Not. May Ibstocfc Johnsen

April SepL Jarvb (J.)

— gjayplant

July Jones Edwd. Ito.

July Lafarge Cop- F100

June Oa LahiglJorti) ~.
Jan. Ang.Latham(J.)£l.
Jan. Ju^Uwrence (WO.
frt. Dec Leech (WmJ20p

June Dec Leytarri PahiL..

No*. June Ufley FJU —

Jat July London Brick.,

Apr. Nov. Lovell (Y.J.).

(McLeugNInAH.
Magnet&Sthns.

|Uhp SOwwf-mrv — —

Jm Mandere(Hldg)
mn , Ott Marchwtel..--

Mar. Oct Marshalls (HfO

Feb. Aug IMay& Hassell..

Meyer I 18 —

Apr. Nor. M»er (Stan) lOp

Apr. Mlxeonorete.—
July Mod. Engineers
Sep. Monk (Ah- —

&

Jun.

Jidy] Mow! em jJ)_ -

Jin tewarthi

Frt. Mott Brick 50p
Ott Phoenix Timber

Dec. rachhs

June Dec RMC-. — ......

Mot MM ay Rtdue Inds.l0p

Jan.

July

Dec

Nov.

Jan.

Apr-

Ott

May

» Ramus

CaJRetBand

Jim

MS

ttn

MUri(£IMnm.V
Dec. Roberts taliard-
Rohan Grp. If
Ally ftwlinson 1L„ .
May R#*rt#l
July Rugby P. Cecwiiq
Ott SG

Stay Sharped- _

Oct Sheffield Brick.
Dec June Smart (JjlOp.
Dec Streeters lOp-
Not. Tarmac 50?

WOQGTOW

Ott Tarior Woodrow
Ott TfouryGrp- —
Oct Travis &AfT»W
JulTroriHoUngsl*
June Tienff.—..—
Jan. JufyUBMGmgi —

May Not {WCnokblsf

Aug Feb, VedisStonelL,

Mar. Ott VbroplanL__

Apr. Ott WaidHtdgi- ;0p

— Do.Drid

Dec. July Warrington -

May Nov. Watte Blake >

Jaa. June Writerti Bros

Sept Apt Whatl mgs —

Not. MOTWWVmlZJj

SKSl)

jutelwirnpeylGwJ-

17517.17
.. . 179115
7% 7.9hO07

- 1 253 4133
294206
50105
2X6)3.75

7 Ar -

a| l ! 5'

50

35

20

59

112

39%

103

54

S

230

220

94

109

69

4
80

205

102

78
136

18

121

63

17
333

68

V

185

33
26

105

30

ICO

56

344

5

68

nw

10

£1712

79
3J®
174

55

22

180

117

144

323

186
343
144
108#

71

79

34
21©

18
89

212

508

168

52

200

276

2? !

200

£88

150

165

36

J71

90%

192

36

16

59

24

356

547

84
204

55

385

S* 2

40
23

312

52

41

85
370

70
33

104
74
246
i 324

20 4 J 2X3
41 53) 6.6
43 L3 015)
* 173 r
20 93 P

m 1.9 «4

30 5 1 &9
li 82(99)
11X2(801
— J 80 6 .9
04 9.4 53
23 6.01X3
30 6.0 47
X2 63190
L6 931 90

19 63
« 70 ♦

40 75 40
27 70 7.1
— — 113
17 7,1 1X5
30 X9 90
33 30145
43113
_ 6016.7)
1« 5.6 BUJ
30 51 7.8
5.7 70
lli 4 6
3.1 DM)
10.7 B.1
4.4130

[150 23

o4( H” 1

S^x 7 d§

SJ d3J

a &

19.4 763
57 30

^ i y

70 2.7

70 tX6«, .. . - - w
293 ©3^ 25)12.7
291 255
19.4 d40
17J *H0

M.7 1305 1
153 5.05
15J 403

PM 4.0
175 155
19/ 205
19.4 205
19.4 605
210 07
175 405

151 1M25

19.4 I<

175 1205
76 506
168 275
611 -
175 100
175 108
153 10

30.4 65

152 1.4
13 d557

19.4 45
29 3 150

Ij wnwl

lii #3.53

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197 20

30.1 805
\233 2 16-6

175 L5
19.4 n55

19.4 409
2J h4.0

19 4 5.75
2i 50
295 5.4
13 60
U0 50
19J 20
- N35
ra —

293 4405
70 20
19.7 3.5
175 9.63

30.4 d80

, 57 602
2412 -

175 9.0

50.4 §5
151 703

L3 wfi.O
28 734

175 9.0 .

WISUM

ZU dO.61

19.1 47

19.4 50
21 50
19.4 10
9.13 0.75
911 #3.95
678 -
175 M0
19.4 1631
B5 b437

30.1 433
H L75
38J 50
70 20
19.4 K35
5.7 10
157 1453

13 M2

It 50
19.4 337
6’H -
5.7 10
293 70
S3 30
194 dXO
173 20

May Not. Karris fipeensnOT
Oct JHeefamat j0p
Mar. SepL Helene Lon. 10 b.

May Not. HeurtwesA lOp

Jan. June H(p»ofth|JJ10p

Mv. Oa Hollas Grp to-.

June Nov. Home Charm IQp

Dec Jidy House of Frasw

Dec June House olLerose..

Apr. Augi*iM(£roesl)10?-
Sept Kean&Sa>a_.
Ott Apr. Ladles Pride Z8P

Aug- Nov. Lee Cooper —

May Not. Liberty.— «—vv

Mar Nov. OcNonVtgftd.

SepL Apr. Lincroft K. lOp.

Jan. julyl^wtondprapere,
NOT. Apr. MFI FurMore lOp

Jan. July Manes & Spencer

Feo. July Martin News —

Jan- Jidy Menzies(J.)--

Jttfv Not. MHIeltsLeis-ap

Jidy Frt. NSS NewtlOp. .

, Feb. Aug N fhn.GoldaTrtttJ

| Oct Apr. Ohver(G.) A**. 7

June Dec Owen Owen__-

Jan. July Paradise (B)ljOp

Jan. Apr. Peters Stores IQp.

Frt. Ott Polly Peck 5p-

Frt. Sept Proedv(Alfrei
Apr. Dec Pullman R.&LJ

JaotDurv Ramar TextE
Mar. Sept Ratnerelto..
Mar. OclJRartecklOp.

Dec July Readicutto---

July Dec Reed Austin ‘A

April Ott S&USWWlSjd

March Sept Dc2SSW.12>aj
Feb. July Samuel (H) ’A'

a

a.

Feb. July UOSGroug-—'
June Dec Upton (EX£ -.

Ott May VanHsra20p—

May Not WW Grom.---

May N«. VWker Uas.)-.

May Nov. Oo. N.V —-.

I May- Nw. WamoS-GIBow.

F. Apr. Ott Wearwell to —
Apr. On. Woohuorth

19.fl $43.7
125 -
TSl B

19.4 2
I 190 205

Tl 1 A2J)

THUS
175 17
! 70 h2J8

30.4 15
108 -

Z3J1 05
7J2 43
. 17J 475
2X6 6.0
' 7i 65
, 210 hL25
I 28.9 Odl
30.4 175
293 85
30.4 335
ZL0 440
780 -
153 3.7
[ 304 4.95
20

, 25

I 30.4 hlQ9
SI 3.78
175 235
. 175 255
290 —
7.12 30
, 153 1005
165 402
76 335
»|4J5
L2 43
. 70 575
121C 10
1SS432
I 152 130
152 13.0
70 t05
19.1 u30 ,

93 HP

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QU)

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20 3_

65 22! 103
15 112 (70)
2.9 4010.7
2JA 60103

8 55 -

160 a'

43 12.

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43 m

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2 A 63175
IS XffllBl

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149

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1.4 32 30.0
17.9

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0.916.9 9.4
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10
14

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li 63] 187
23 93) 7.4
17 73)107

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li 25 435
XJ 5.4 201
45 83

20l 4013.4
25 30187
36 43 70
47 27 87

9 a «

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__ 27 -
L3|l3.9 (73)

H Barton Gro. —
toe Beaufort Hto-.

. Vhi B«afl(D F.) to

iisfe
aad

June Dec Btackw^Hodgr-
May Dec Boritno WmlQp.
IFritH

Jan.

Jan.

t a

a«X7J

9il

Jime DecJAU. Elettwtjc

NL6GSkBks5p-|

Oct May 6 Air Cal I

April Not, Amstrad

Jidy Feb. Arten Sect--

Jan. June Aodfotnmclfti

Frt. Aug Do.l*cftgfto.

ELECTRICALS

July

NOT

64 25
4.9387
_ 89 107
Hl0.7 53
50 (220

2d

50 3.9 50
— 61
05133
201X2 53

fill! [40)

23 7.4 69
3.4 10135

43 43 57
L9 90 64
25 50C7.M
85 li 80
43 30 80

Jan. BlCC50p

MayBSRlto— — ■
fBBdrfM&ena?..
Jan. June Birthorpe lOp.
July Nw. Bu%m ’A* to
March Ca*e«dWWea50i|

5-Cass Grp lOp..
Dec Chloride Grp.
fc7tat0n.Ciu.Pf-
_ HjbWw(Wb».
April Not. CrayEl'iromc lOp,
Febraaro CrystajaleSp. ..
April Oc. Dale Elect lOp

Frt- Jaty Derehron lOp-.

Jan. Sept Oetrtwst’A lOp

May Dec Dowiiug**Up

Oct June DrearoiandlOp

MrackHWOTto-
Jan. AdyDidillierto-.—
ESI London — .

* “isjssiaj

Nov. Electronic Marti.
Jan. Aug Elect. Rentals 25p

May No*. Emess UghSna

Jan. Aug Enemy ServclM*

Feb. Aug &refiml*.]lh-

Jow Not. Faroe! lElec. to

i Feedback lOp
Frt. Aag ftnanti5Qc_..

July Jan. Rdellterad.lflW

June Oct First Gasde lOp

May Nov, Forward Tech

Dec Fujitsu Y50.
Mar. Oct G.E.C. — _ — ,
8Cnt u d»aitCwL|
Jan AourGrawenwGrpSp
Aug Mar *Hadland._-- .

Hemotcineiics lc_
Janwuy HlghlandB.^),

— HtataMdeaiCpJ

Jdy FetdlCl

CHEMICALS, PLASTICS

May Atao FI0D-—.,
* . bird CoJIokl lftij
Amentum IMJ .
Pirn, Anchor Cbem. -
Arrow Chmtcris.
BASF AG DfJ 50

jBayer AG- DM5n £25

94

123

12

44

£98

£98

145

Biagden lnds.._
Brent Cheats lOpJ

Brtt. Benzol lOpri

BriLT» Pnl. Ito-

Mar. SepL Oa6a%C(0U94
* Do5<j%Cnr02l95-

CoallteGrow.-

505

268#

244

92

48

£27

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. 30
223

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397 35
19.4 10

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23

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7.9

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1223

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110

80

— )jioTecJin*)g*5pl

ranttoSpKJ

Apr- Jones Stroud—

Jun. Kobe Int

Ott Lee Refrifl.

Join M.K. Electric-.
Nov MemeC lto— ~

— f Miles 33 10p_
Mitel Corp-ll— .

July MolyrotZb. —

Jir. AJvO- MotorotaS3—

July Muirhead

Atomy Tech. Ims.
Jan. July Nownten InJs—

MOT. Ott Nfwmarx Loufc

Dec teBKuaeaV5fl

— NordtDMaNJC2(L

— HJREJCp-

— Mceonicsl.

Mar. Sept Pericm-Dmer
Jan. JulyPetnwiDdg: .

June N» pwccmlOp—

May Dec PWflpsFm.5V%

Dec. ' Mi. Philips LA- FID
— Pie»ElPrts.le

Apr. OcL PifcoKI

Apr. OcL| Do. 'A 1

July Jan-Pfesey

Apr. Nor. Pressac „ __

— Quest Auto 10p.

Frt. ' Aug Ratal Beetles-
Jh. Jrfr Redtffuskxr- —

Apr Ott Rotaflex lOp — ,

— tScrniDataUpJ

M»y No*. Schoies (GH).._

jan. OttJSKtirity Centres-)

JuJ^^FrtjtoryCo

300

59

86

275

167

262

104

27
119
475

80#

134

77

8

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92

298P

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96

30

74

115

25%

535

225

130

435

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190

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246

125

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215

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309%

140

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185

183

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293{ 4.0
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70 431
19.4 1675

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601 0.1
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.. ISouBd Diffsn.5p-]
OttJShLTeLiCables.
JunejSuterto'

May
Nov

Apr.

Apr. NOV. Do.‘A

Dec. June Trie. rant#5_

Mar. Ott Thorn EM). —

Jan. July DoJpcCttH.^J

Apr- Dee. IhorpeF.W.lQr

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Jd DeqU.EJ 10p_
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at-

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160

160

503

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525

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06 79 (48$

20 3.4 JA.S
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65 17 90

21 3.4 350

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B.0IH74

1323

ELECTRICALS— Continued,

rm

Stack

ENGINEERING
MACHINE TOOLS

293)0.01
19.4 9.6

Iasi

m 75

XJ —

5 .7 60
. B.t 14.0
2SJ2S5S-
21 4.86
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HU .407
19.4 7.0
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293 33

16) dXO
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397 105
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74 076c
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_ 702 00

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to uraahivwrt

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HOTELS AND CATER

SepuBrrtam MS Kto.
©ctiBraittoatte £1 . .

S »^SsiSi

Mi Oct toSjrttotto.
jone Ok DA.S^tC>«,n«

ju% tojROTrtonllotritt-
Sett M«

, Sept

X I .mot

Jan.

54y

A|»-

Dec.

Jan.

*n.

Ju.

Apr.

HSBSft
% ISJSfSiS,
E ® SSLtSi®

Jaa.' Oct BrotoerWP.Mj.
Apr. Au» Brown &Tawse
Apr- Sept Brown (John)
SepL Mar. Bultough 20p—
Mot Dec BurgeraProd—
Frt. Aug ButttffieWHvy.,
Mar. July Ca«N>rtEn9™J
Jan. Jwe Cap*w4le«

Feb. Aug Cardo Big. ~_~
Ott May Carwri^fclOp-.
Frt. July Castings lto~
Juty Jan (tondwrfin&isr.l
Frt. Jidy ChemringSp. — |
Frt. Ott CWstyBros.__
Jaa. May CM iSmM>.
tog Frt. Cohen (1
Jan. July Concent
Feb. Sept S**W.5hef..

Jan. J«« Cooper (Fr) Jto-
Jan Oct Cooper Inds-lOp-
Ang Frt, Cronite Group s
Frt Ott Crown House.-
175 Cwnwba 78/94
J» Sept EhrteGowerton^
Ott Apr DriAMeL ATOp-

Apr. Oct Davy Corp

jan. June DeHa Group—-

Frt - a Batts

Ott May Desootter—

Dec, July Powri rtraelOp-

&

jST S^. Erfwo(HW|»s)-
Frt Oct an«t(B.) —
jan. Aug EvalndustriM.

May Oct Evered

Mot Ott Enpamet liA-J
June Dec. Farmer (S.W.).
Oct Apr. Fife liutonr.

Apr. Oct Fart (G. Mil-
Frt. Aug Fortes Hfonfyf
*n Auc G0 Intni a
Nor. June Gartofi Eng j
June . Dec GbmwtdTiftjj-
May Oec Sieen ba nkXOp.
Nov. June Greeirt Eoon._

June NovG.ICN.El

Jm. Aug HaWtftKfetaiSp
Nw. Jane Haden.—--—
May Rov. Hall EngSOp—
Frt July Half Matthew—
Apr. Ott Hal lltef

S ssas-fi..

Ott Apr. HDI & SnuttK- -
June Dec Hapkmsom i50p
Nor. Mv. Howard Madqr-
Mar. Ott Howden Group.

SBEK
K SKtasito.

Dec. Mar. JeawnsEiw-—.
Jan. June Johnson ARrth
May Ott Jones SMpman.

*■ ssKSs

Frt. UejArltairllgg
Jub Ley's Foundries |
June Unro«#. 7rr -

Nov.AU-HoMngs..
December ManganBrome
jan. June Martonalr2pP--
June Jaa McKechlrtBros-
Oct Apr. MewWS

011 teB&s*

Jm. SiptJMh£tie^Sijl§p

May Nw. Mol Ins—.

Apr. Ott Neepsei#—- ~

e EBHBfc

sept rSl NnrtwiW.E.)Sp.

a- &RSKSS -

Dec »tay

5.7 „
111 10
197 205
29i 104
60 #>75
26i 30
161 h35
UJ 405
, 20110.75
19.4 35
1-16J 03
" 6TB
2U 40
I 197 ',3.9
19.4 rt.0
7.4 242

7.4 09
1 ZL4
I 271
, 175 6.0,
Iai70s\.

70 t33lJ
111 05 *
170 dL5
2BJ 05
2Lf 115
2i 505
265 I

19.4 l—
293 X97
16J 737
175 304

^0 75

use 5J

Zl 30

20)

ftyaiHotaKto-

I eases;

SSSBS

INdUSTRtALS (MisceL)

40

64(60),

aw

60

1X3 G!.«

8.4 —

7.1 59
07 350
— 14.9 -
8.9 105) (HU

24 "

0.3 01 (S

33 64 75
43 8.4 18

13 33307
23 7.9 63
10]

14

ti 7 *'

F £. «Wfc=2

AGAABK5Q-
Jm. Ott aCBIteearthUta
— AiMlDp —

Oct. Apr. towmRKlft-
Mar. Oetjtobe yLM-T ari s
Jam J«e taa«r5wnK0-) _«
October Atsd&Geiwr#
OcUunr Aero Needles ...
jriy Dec. Alpine Hkto to.

a

j^ragsasss

- teocHMSemett.

— lAttwoods — — .

jr sffsi

Jan.

Oct

K 'SSmss

— BarcbeyUp —

Acrif Barget
W NOT, Barrow Hepburn,
tog Mar.iSatb& Portland.

32#

r(J.)50p-
•HW — .

ateoEng

thamUllOp.
Arrow 5to-

— , kH>)HWg*

NwJftMndri' Perm..
MorJHodycrte -
OeiiBogooPri’AriOp.

JutnBooker McC-~-
r. )to«(Henry)50p

WOTAora1^^’B$056
July tei.teowaierU—
Jai p«JerabyLB|ieUp.
jbl OttlSrady tart ■£. .

, Oct MOT|8rammer(H.}20p
tan. Wot. Bref^emlO-

Aprd DecpntlgndPMC.!
Nor. Uay&rtdao.

Planet Grp 3 Op-
Jan. Jime Porter Ood. 2CW

£: SSBSHss

SepL Mv. Priest (Bm) —
July Jan. R.H.P.— — — .
May Nor. P’nsiaMita.Q
May RatdifMG.B-1
Apr. Ott R’rtruiH’nmlDp
Aug Frt Renow n
June Ntnr. RWorttsOefcs.)
jaa. July fbrtMWea.5ft.

Ott May Rrtwwmrnww

Oct May FtotorklOp.;—
Mar. Ott SHitle G. (1IW
Not. June Senior EotfolOp
Angst Shaw Fronds 2to
July Dec Simon Eng’S —
Jan MMGrtxvj.
st Sirnth WWt5p.

Jan. " May Spev 4*ctam .
July Mv. Spencer C0t20p-
Not. June Sptaw-Sarco—
Jidy Jan, Stanley Irts-O-
Jan. Apr SWatiPWEL
Ott MaySvtetHmry)-
Mot Oct n Group a —
Apr- Sept Tace lto-

Jan. AugTecataiOTt

r. Ott reffas2 0p . - ■
1 . SepL Tex. Ata*.3flp

“* KSS?S?;
% JasaSSS,

J#y Jaa UtftWreGroup-
Aprtl 8V.W. . —

Jan. June VWcers£3-—
Apr. oa Victor Prodocts

& JSSBS,-

Mv. Ott)

■ — 10 .
2?i

« V
,BW.i
Htt
& IS

I 210 117
168 70

I 194 7.6
50J 708
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171 A2J»
14.1 20
| 2J 105
I X9.J 7.9
268 03
I13K —
19.( 53
28.9 433
081 B—
13 008
I 210 30.75
293 H20
' 173 035

£ tl*
TBt —
28 10
2J 4.0
29i 1114
161 20
161 pa
sj 00
19.4 20
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I 19,4 25
19.4 1045
150 302
I 19.4 15
6tt -

iterJan. pnd portjrM p.)

November BnLMraDmSOp.I
Frt. SepL B8&EA.
jan. JunetBnLSyphfl
Mot Not. Britsh Vita .1
No*. Mar#. H. Proa SA2|
i Jaa. . jufiia-aokStBrj
Nw. JuMBrooksWata..
Oec.

Ott MarJBnEteW (Mac J-j

Frt. AuglBurto Deaf --
Apr DecjBarptfwelto;-.
Aug F«:?um*AndVhlto
- tgaBOTBCwspJ*
June Frt.C H

31

23

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jiir;CanranB«Wl—l

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20 -7:

32 1X9} 34
2* 70} 70,
3.7

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=UI =

70h74J

80k73J

50p

WOgon Industrl
™,.WalW(C5W3
Dec Weeks AssocJOp
May Weir Crow—
Oct Do. 10% Cm W.

July
Jan.

April
Mv.

Jan

July

jta. Jute Wwaoe^.

Jan. July WWwyWW-Mli

Nor Apr Wiliay-~~-—

Jan. Jidy Williams (WJ _

Frt. Aug(Wpod (S.W.) a)p
Ott -■

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^)E±5SIS^_T

Feb. Westland. 342

myfYarrow50p —

Dee.

Jan

Mv.

Feb.

Apr

Apr.

Apr.

FOOD, GROCERIES, ETC.

S SoftDlOpI 66
Foods lDp.) 83
itr ds.to

. Dairies

AuglAss. Flrteries....

oas»G™ 5t? i

Sprays York I0g,

AprD|Be)arnlOp~
July BrihOpSGrg.

For Utd EngjSc U.E.I.

Ott AprJUbi. Scientific.. | 3«7 I7Jf 1630 33] 12)323

December JWtaWnH.V.nili5-l ® 1IW — j — j --J —

Frt. OdJWard&Gold-.. « ZJJ| 20 -I U -

Ott tor|WWetorai2iji.i 97 3 *35 1X7)5^143

Oct Santa (Sidney C.)
Apr. July Barker & D lp..
Aug Apr. Barr (A.G3 —
June Dec. Barrow MM 20pJ
Mv. tog Bassett (Geo) —

Frt. SeptT

Ott

*«- — . ...

Jan. July Do. fi A .....

Apr. Oct BbrtMGoaf.-

Frt. Ott Brit Sugar 5flp

Jtfy BriLVend-glOpJ
Jan. Jime Brooke Bore) __

Jan. JufyCadmvSdi'ps.
June Jan. Carr's Milting^.

May Nov. ChartmiFirgB-

May Oct CWfortJ Dairies.

May Oct Do. “A" WV -

Dec. Jute C#lefB_

Dec. Jane Do.“A"

Jan. Jidy DanbhBcn.’A'Q
June Mow Eorart(J-E-)5p.
October F.MX
Jawary
Mv. Sept

Jot JN ^ Haztewood20p
frt. SepL Hillards 3Ck> —
Jpn. July Hinton (Aj lOp
November Home Farm 1*
Jaa. June tortq&RPRr
July Dec KwikSaveli
Doc. Aug Latmom Gp. 3 .
Frt. lap. Unfood Hldgs._
MOT Nor.LowrillG.Fl__
M» Jan. Low(wmJ20g

OctMay |Maobews(B)~

152

142

66

35H

144

»2

250

n

78

76

337

150

140

58

467

38

SI

314

78

33.

185

113

235

178

74

24

38

42

84

147

305

170#

310

68

96

264

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214#

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174

110

20)3.85 ,

170 u3.75
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19.7 00
168 6.0
152 675

7.7 5-07
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210 35
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295 92.75

70 045
70 040
210 435 ,

171 4M5.0

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DJ 3.91
175 40
ZLf 1405
293 20
293 50
293 50

19.7 45
I9L7 43
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19.4 058
14.9 ZD
732 #J1
21 546
23 125
70 08.0
16) 305
70 80
29J 2.9
3W 4.44
n5tt0

19.7 205
161 120
1*4 Bt40|
301 b80
293 438

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55)

J#y
May
Ifcc.

Jan MaylCaw iretastriss
Mv. Seut Ure»are,lnt20p
May Ott Carit on htt —
September Cetoswm2fo.-
Dee. AJriCent Sheerwi 5p
Sept Feb. CPrtrrrtay5ao.
jaa. Aug CtEn*lar.rlL*Op
Mar. AugiCteweft^rBaii ,
JJUJL [DwLi^WfSW-
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Frt. JtmejDaree (Clement)

■*”_ SJ Eai3.s:

— feccmolttntslllp
HrJtSU toonthGro SX.
tar. jufyfC'mt. Salary Kte-
jan. JureJCepe Alirean to
June OalC.-fydex IGp
March SeptjCreail ... .- ~-.

May Decr^airtny ApoeZpp

Mv. 0tt'CT«nde6Jt jAW

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Apr. NusTc-eUNKhsIlOp.
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s- «

D*e. AugiD? La Rue 500

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jan. JmcrDinkie H eel 5p .

Apr- Ncr.jDWonu ICp —

Sept MvjDtison »arVlPc.

Jaa * t Sam HHgs 10?

MaJuSeDe Carer Corp. USX
May Of. Deans SurC- 10a|

May GctiDufav Blim IQp

June Fet. Darrfsnian 20p .

Jao. JmdCmnfnll Kldgs.—

jan. JuMCup'e Int

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Jun. Dec-Dwek Group 10a

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Jan. Jut-icIS ......

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Aw OttJ=Tn»llto

May Jar-Sietti Uri> — ~

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Mr Jn Se DfrEnriWf! Cvp. SI

— I ErtHar -p

July Ai>rd[Eiig uima Clap

Mv. Sepij^Btanw 10p ...

Errinne House-
Evrouziai l?-?.
csspUu K50
Euro Ferres—

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JvtejFMde* Ayic 1 Dc

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ftgariy(E.)30p

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tan. MariFoUwrailTKarrtyJ 123
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Hovercraft

Corporation

Tuesday August 31 198!

“AbeSterwaytobuStf*

01-9428921

/

Chinese party faces pur;

&Y TONY WALKER IN PEKING

A SWEEPING purge of the sider unsuitable. The Discipline approve changes in the party like Hua Guofeng. the former |

Chinese Commiinist Party’s 39m Inspection Commission of tie leadership structure. Among chairman, were in the ascend- I

members is expected to follow party spent at least the past the changes are: ancy.

the party’s 12th congress open- year reviewing individual party O Creation of a central advisory The congress will approve a
mg in Peking today. At the end memberships. panel of party elders, expected draft party constitution to en-

ef the meeting all members The Dengists may have ealeu- to be led by Deng: compass organisational changes

are • likely to be asked to re- i^ted also that many present ©Abolition of posts of chair- mentioned above Other tasks

register for party membership, party members will not bother man and vice-chairmen— -there will be to consider a major

Acceptance, however, will not t0 reregister in the knowledge are six party vice-chairmen; general ^ political report, ex-

be automatic. their Cultural Revolution acti- ©Strengthening of the party P ect ^d to be delivered by Hu

It appears Deng Xiaoping, vities would make them un- secretariat under Hu Yaobang, '

China’s most powerful poh- acceptable. the general secretary, who will “1 £ h P

i

Arafat
quits after

THE LEX COLUMN

year

Why Novo

By Stewart DaJby 3nd ,Nora
Boustany In Beirut

its wings

During the year 1977 several

luvo* iivwcij.ui |wu- accepiaoie. the general secretary, wno win — — — . • « — . v -- v / — - * — - —

jslss 1 ^ ssrp m ****

get rid of many party members interview with the Xinhua news die party's chief executive; Befrut

■knxatti

without going through messy agency at the weekend that

expulsion procedures. “ aftex

Deng has said many members cation

. ,v Dni>K„rr. It is likely to set down modern!- Organisation, sailed from Beirut State University business school,
.BMCTltonofthgPri ^ton. m sarion priorjties for several for Athens yesterday alter 12 and Mr l&re DuUmTtaaiKe

20 W

_ r — “ * , ' . SHLiUU UIIUUU^D 1 UI IDT VCblduu,,

ttion and lUonsoUdation of {& rote^SSSe d^des. These might mc!u_de_a years in Lebanon. •

director of

then obscure

uiviuubio «. o livii auu muuauuuHuun ui OUT Willi a T" LiUi-UQ iu 1 1 ? UcCaUbc 11 e _ .ffi ..T _ • '..i *

were not up to standard. China’s our party, the main trend in our Q f the strengthening of the call for more tuiorts^m agneui- His historic departure was Danish company called Novo

paramount leader referred par- party is good and its work-style secretariat *uid the creation of transport^ deve!o P ment > and planned to be a solemn^affair; Indus tri. making engines and

ticularly to those, perhaps more has become better aDd better.

than 20ra, who joined the party He added: " Of course, we aim

the panel of advisers.

The congress will meet for

In tiie event, lhe ! scores of pharmaceuticals (mainly insu-

According to a Chinese source journalists and photographers { tin). Novo was a small company

a Ti,rh- canaril copi-otdHdf i : v.._Jrari, hie I .V. vi_ .1.1 1...* : .

after the start of the Cultura'l at a fundamental change for about a week. It will be followed the P art >' general secretariat joining with hundreds of his with big ambitions, but it

Revolution. the better in the work-style of by a plenary session of the would operate very like one sup p 0 rters in the largely des- suffered the handicap of being

According to well-placed our party and there is still a central committee, to elect formed in the 1950s under Mr troyed port area, irobbed the trapped within a very limited

observers -the aim of the re- long way to go to achieve our officials to newly-constituted As with many reforms occasion of its dijrjty. Danish capital market. Could

registration procedure is to trim

as bodies

implemented in the past several shortly before

the party, to make it- more man- ominous news to millions in the The 1.600-odd congress dele- years those about to be endorsed departure 1,500

ageable and to improve the party whose bold on member- gates will elect a new Central by the party congress reflect j eft g e i ru t b y ro?

Committee. This is expected the way things were done at

quality of its membership. ship is shaky. Committee. This is expected the way things were done at f an ^ Sm arraoun

Deng and supporters in the The congress seems likely to to include an overwhelming times in the 1950s and 1960s C3rr iers and h

moderate faction of the feeder- be one of the most important number of Deng’s supporters, when pragmatists like Mr Deng p j eces

ship have manoeuvred for in the party's history. It wiH unlike the more ambivalent and Liu Shaoqi. the -former They were ti

tty. Danish capital market Could

glr Arafat's a theoretical case be made for
p-ian troops internationalising Novo’s capi-
B with their tal sources?
f personnel Novo’s long-raDge financial
ry artillery Plan prepared in May 1977, pro-

.tiie Bostofl

IDO 200 300400 500 800 700
BUDGET-* .

capital budget can climb still
higher.

This may be just an airy-fairy
way of saying that ambitious
companies have to be prepared
to move to where the money is,
but Novo has been impressively
successful in homing in on the
point Ku.

The first step was a con-
vertible Eurobond issue in
1978. boosted by " road shows -
in major European cities. There
was also a London Slock
Exchange listing, :tnd with the
abolition of UK exchange con-
trols in 1979 British interest
greatly expanded. There fol-
lowed an equity issue, and with
biotechnology suddenly becom-

eces. jecled substantial cash flow domestic investors, who cannot j* 1 ? fashionable. Novo had

Thev were thought to be deficits, which were expected to buy overseas securities, and are bpcome an international

■ _ .. in rwi/i „ .a n,Ak Tiff- r i n -70 jl_j . ■ _ . . , ■ t ilamniir s1npk_

several years towards an exten- endorse new outward-looking present Central Committee Head of State, were in control. s 0 i r ^“ to join the 30.000 or so reach DKr 124m for 1978 and subject to a tax regime "which ■^ am0UT ' slock
»U... — ..^n ««. lOT u4ian UToni^r Leader, Pag 6 14 (Ua 1070 U «U A j_- _ _J A i.tT lai

sive weeding of those they con- economic policies as well as elected in 1977 when Maoists

MIM Holdings In new financing scheme

Syrian troops in the Bekaa 1979 combined. If the company discrimiiates against equities. -« ■ , .

Valley, in East Lebanon. They could not raise funds externally Yet there, is nothing to prevent VOfl/Ig COQiTOl
rumbled through^ empty streets on acceptable terms it would foreign investors from rushing Then it was on to the U.5. ir

early in the moruing. their pro- have to slow its growth rate, in to snap up undervalued earnest, with seminar, the hi

gress unhindered by either or choose some otber undesir- Danish shares.
Israeli or Christian Phalange able course of action.

SY PETER MONTAGNON, EUROMARKETS CORRESPONDENT

troops who control the south-

western part /of the Beirut- High technology

MIM HOLDINGS, the Australian banks already committed Euronotes will thus obtain a currency rates of about S per Da ^ h a * c “ s m ^-^7' of abm . t For a company In this kind of toere York Stock Exchange lis

steel and natural resources heavily to large project financ- tradeable short-term asset, cent . ue high technSbgy'business, aslow- bSrierT InSaSl to?5to« in 5- At the present time, r

compony. is raising A$700m ings in Australia will not hwe whereas the banks providing The project comprises the 1.200 Syn-n ftroops j d t posed s^ious dans ere If running' inf^?frtnn 3 i^ n ' a & t-« S much as 80 per cent of the .

(£398m) for its Newlands- to put up the money them^ives. the guarantee and back-up development of a new mine at leave Beirut today o join g the toSJw? ST SS V ^ock may be held outside Deu-

Collinsville coal development m instead, a -roup of banks led facility will themselves assume Newlands. expansion i of the other iro &mthe Bk opportunit gf a _ Sh mark, although the Novo Foun-

ing of Goldman Sachs i
-n • advisers, a quote on the ove,

earners t/ie-counfcr market, and in 31?

^ Nevertheless it is clear that A is ?* e

this kind of there ore important effective \ 0 ^. S * ock *™to*Z* h£

iness, a slow- barriers. International investors ,n& - . At l“ c present *! rae - r

(£39 8m) for its Newlands-
Collinsville coal development in
Queensland with a new tech-
nique designed to draw institu-
tions and other money market

Instead, a group of banks led ^ V; n p 'tertifriS 1 atTachld To ^'tine"com^l]einine and I Valley. At the latest. Syria's lecnnotogicm opponuniues as which they can understand and r« ru “l'

by Manufacturers Hanover wall tong tenn risa aaacnea to U)iiin.tniie mine. , ^.hdrawalfcro m Beirut is to be they became available, others in a form which ihev are . in Denmark remain

provide a guarantee facility of £ ^ e . completion of the jiroject. building of related port and r ^,-^pieted An Wednesday. might Not only would it lose familiar with They will have finely !n control with 66.3 pt*
U.S.t320m IgaiM, <h, issue of A ststeaeM .«sterj,y tM iMtsIlsUore to projlde for the PLO «ehters out In these new processes to thSr oU W™, Zm ■*».« »f the total votes thaol

dation in Denmark remain*

rSjSf^SSl Chemical Bank is arranging a ASftrato^'u.S? >nd Japanese w'SSmi? £ya«Jar«J[trnde_r the plar, ol Mr research _ and de^Iopment «h 6 h j, SnaS £

mixture

w processes to their own Ideas about capital ? ec . t . of the total votes thairt
its whole via- structure — for examole. British l0 . lts 0VV T, ers ^ p °f th f A s,oc -
? undermined, and .American investors will not . ironically. Novos share pnoc
the continuing be happy with the high financial It no l PertjMiW* even better
develoDment ipvAraw. urhini. AAm.,.. Than that of many of its L-S.

financing, which will be raised u. S .$ 200 m back-up facility for currency,
through the issue of short-term t h e issue 0 f commercial naoer r^in^-ie

the issue of commercial paper Long-term Credit Bank of with options and current nego- envoy.

hayf already been announred Philip Ffbib, the U.S. special requirements in biotechnology Denmark
nave aireaay oeen announrea. r wnulrf inp^itahiv v

rivals, whose glamour has faded

money market paper that can in the New York market, for Japan °and Bank of Tol^-o will liations taking this figure to 9S rnorrov

1 I „ ‘i JdUdll dim j>dUA UL x \jj\j will iiauuua luuue uiis . . . — _

be rolled over continuously for w hich it will act as sole dealer be agents for the Japanese per cent. The sales are to I that Mr Arafat. Dr

11 have left by to- would inevitably be extremely

heavy.

iat Mr Arafat. Dr The competition included sub-

12 years.

About U.S-$520m (£299m) will

Novo decided it would have a lit Ue. Novo is a company with

to break through these barriers. * 1 **^, SSEi-J 1 ™

In 1978 it embarked on a course r a ° toe ^ producls on the mar-
- • - ket. whereas wiLh some oi the

and agent

loans, also with a life of 12 customers in Europe, Japan.

Money market investors who years. All the loans will have Taiwan, Hong Kong. Korea and

be raised in this way, so that buy the commercial paper and average margins over Euro- other Pacific Basin countries.

CeorgelHabash, the leader of stantial companies such as Eli which, in stages, has taken it ,,i‘ T’ nc . rc i s v i 1 ^ 1 *° me 01
the Marxist Popular Front for Lilly and Miles Laboratories in to a New York listing and access v S ‘ &Iotech stars l “ e conefp!
the Liberation of Palestine, as the U.S. and Gist Brocades in to the capital market on the _ s . ruT ? somc “h ea d of l.ie

Private
finance plan
for Gatwick
rail link

■well Is Mr Nayef Hawatmeh, the Netherlands. These had same basis as UB. rivals like prodlCl ‘

of ttte Democratic Front for substantial capital resources at Genentecb or Cetus. The ® ut can an - v S ep eral lessor ,

in health workers’ pay dispute

heavily armed Moslem militias mark without seriously depress- set our in the chart. Projects it ai their peril. Otbe*

that remain in the city and ing its share price and greatly in declining order of rate of Jess successful examples of co..

aifhap fha Tiihanpu Armvnr thp inAroaeina itc AAC» nf rfah, i T i - , naniK Tannin^ Inruinn Wirl-Ple

er the Lebanese Army or the increasing its cost of debt return are ranked along the P Mics topping foreign markets

elis. • The danger was that by heavily Hne dD. In an illiquid and seg- «"Sc from whimsical Van-

BY PHIUP BASSETT. LABOUR CORRESPONDENT

LEN MURRAY, TUC ernment to listen to what must draft a statement on the NHS

general secretary, said yester- be done.”

By Hazel -Duffy,
Transport Correspondent

A SCHEME to
privately-financed

create a
rail link

day that the programme of in- Mr Murray acknowledged that
dustrial action taken so far in intensified action might lose
the National Health Sen-ice unions the measure of pul
over pay must be stepped up support they were enjoying,
to persuade the Government to He said: ** Of course then

dispute to put to Congress. / . . r

Mr Murray acknowledged that This would be used as the However, by last night no The obvious solution was for i 3 l' budget is only, "in this ex- Yet Novo Industri has proved
intensified action might lose the basis for the debate on the units had entered the heart of the company to seek to tap over- amole. 490 currency units. that if everything clicks into

unions the measure of public dispute currently set for West Beirut. There is grave 5535 sources of capital — to In a more liquid, though place, and if a company I?

support they were enjoying. Thursday of Congress week. concern that the Nasserite march the multinational nature still segmented, market the really prepared to make the,

He said: “Of course there is .. . , . Muribatoun. in particular, will of its sales pattern by develop- position is somewhat better— effort, the international capit..

a risk of that. But it is a risk n - na ®. t r P* a 7~5r resist any attempts to be ing a multinational funding the cost of capital rises more ntarkei is ready to be tapped.

we have to take.” aavama^e 01 ooviaiing emer- (fisarmpH. nolirv Rut this rvmlri nnlv he , 1 am . 0,0 mmis ccr -ir +■

step to disarming all militias. capitaL

However, by last night no The obvious solution was for ui budget is only, in this ex-

line SSd, and liie optim?! capi- Iis ted in London.

4.1 te. Vrtf Vlirfi TriHrc

listen to the health workers’ a risk of that. But it is a risk
case. we have to take.”

He said: “ Of course there is

iritivr— rein in. .'uuj j * v wxsMu- Lff- nnoorinn

The plans, drawn up by a t be health service strikers, it be cooled if Mr Fowler would • P UD11C occasion
working party of Treasury. ma y well also increase moves say: ‘ I will come to the The General

been helped by statements

The General and Municipal reaching here that Lietuenant- has restrictive features for lower but is flatter, and the
oncers Union and the n enera ] Rafael Eitan, the

Certainly the Danish market The curve S’Su not only starts Dultunu To be published shortly
s restrictive features for lower but is flatter, and the in Copenhagen.

would „ new service s, t0 poace

between and Gatwick. September 22.

BR would up a 30 per ■ [Wr jijbtn-av,

Staff, has said
ready to go into
nd disarm the

BR would vBta up a so per -[« r T^nrrav. !^p* , '’k’T»' :, ii a Government

cent share ii/%je company and ipt*»rvi*>v. r . said- " W» h-r-" acknovtiedse t

the rest woulcl be subscribed t0 tn , t0 ao - the C,nT-«»mmeTit workers have

from the prival

to listen. The map ^od woman which should be met.

roent would have to dunk again, already tabled emergency West Beijrut anfl disarm the
Everybody made mistakes. The motions, but seem likely to be Muribatoun. Much will hinge
Government ought now to prepared to withdraw them in on whether Mr Gemayel man-
acknowledse that the hospital favour of a centraUy-agreed ages to Slay Moslem fewp over
workers have a good case statement of which most z . . 1

which should be met. affected unions seem in favour. Lne .

Uneasy peace in Bekaa Pfage 2

ThP romnan 4 would own the in the Street are sayn»«T that th" He forecast a “tremendous TUC leaders, are also likely
T.™ terminal Bemg built above hostel worker ought t 0 get response” to the NHS dispute to monitor closely talks ex-
vintoria Station Gatwick a better deal. More ?>*»<? more from other unions at next week’s pected on Friday between Mr
qtaHnn and the rolling stock, doctors are saying it. The prob- TUC Congress in Brighton. The Fowler and the non-TUC Royal
Tt would Day BR for the use I'm is— how do we get the full TUC general council is College of Nursing, following
-KBTtnu 4 K while BR would Government to listen ? likely to decide this week in the RON’S 2-1 rejection in a

I

of the trades, while BR would
also maintain the rolling stock.

Weather

We have tn escalate the favour of

recommendation ballot of the Government’s 7.5

„ . • „ „ .. . action in order to get the Gov- from Mr Murray that it should per cent pay offer to nurses.

BR believes that the scheme 1

provides the best hope of im-

S&£3sa£ TUC plans tighter funds control

in facilities for airline pas- '

sengers are planned, but BR’s BY CHRISTIAN TYLER
financial plight offers uttle

chance that the service will be THE TUC is planning to bring between the fund’s solicitors and
improved ■ unless it is allowed the huge assets and income of the union’s own legal advisers.

BY CHRISTIAN TYLER

Trade union trustees should

UK TODAY

MAINLY DRY. Rain later.
Temperatures near normaL
N. Ireland, Argyll, N.E. and
N.W- Scotland, Orkney,
Shetland

Cloudy. Rain. Gales. Dry
spells later. Max. 17C (63F).

i:v fog M

jjSfll £T>.

access to private capital.

also ‘be ready to place up to { Rest of Scotland, England,

workers’ occupational pension But the’NUM trustees are con- 10 per cent of a fund's assets Wales, Channel,

The outline plans will be sub- funds under close trade union vinced they are entitled not only at the disposal of a *' gilt-
. . -- — •» « ™" t «' to block the disputed placing edged” National Investment

mitted to Mr David Howell, controL

Sunnv. cloudy with rain later.
Max. '20C (68F).

Transport Secretary, and Sir It aims to change the invest- but also to order the sale of Bank that the TUC and Laibour Outlook: Rain in the North, dry

peter Parker. BR chairman, ment policies of the funds by eating holdings.

Party both wanted to see es tab- j n South.

shortly. The Transport Depart- persuading trade union member The TUC's plans are set out lished. A further 5 per cent

ment is thought to be trustees to challenge the ortho- in a policy document* published should be committed to local
enthusiastic about the scheme, doxy of the funds’ investment today after several years of con- enterprise boards, like those

WORLDWIDE

JS

CV/v 33

* 'll

oca.

I A

but it will be the view of the advisers and managers. sultation. Some of the details already set up by the GLC and *c -f *' 2 .

Treasury on its viability which its two priorities will be to are stm tentative and have to the West Midlands .County A ( «eio s g 77 ^ ^ Suddenly gold is back in the I

°“ SSSJJtJSSM 2 S.WcXSTSS ssrisssriss

"to*™* ~ te ISlte I S 2“®;

Treasury on its viability which its two priorities will be to
will determine the outcome. limit and eventually reduce
The Treasury has been overseas investment — which has

SLCHUVCU ay iat MUUWI. WW . - 7- ,

plans involving private-sector ally since the lifting of exchange wovemoer n.

finance and the railways, p;r- controls— and to use the funds These trustees, it is suggested,

Bardina. S

funds now control more than Bai?rd. c a e? Malta s * »

^Rflhn nf atvH hatto at lAnef Berfui S 25 77fW chstf v

J il lm.1 f ’see Suddenly gold is back in the news. down. This means that the profits will
’ ] 38 1 K ba s 1 97 with a dramatic upturn in trading be entirely free of all tax. No income tax,

39 laslkbdiid f z8 g volume that has hadan equally dramatic No capital gains tax. No \OT. Even the

Self-administered pension | r S|5£uS‘ s 20 35 effect on market prices. These are the betting duty will be paid bv us and

ticularly tbe Channel Tunnel, for UK industrial investment must press for an initial invest- £ 80 bn of assets and have at least f 5? tc mJ c.t —

because it believes the degree Long-term capital growth rather ment limit of 10 per cent of £7bn a year of new money to Bmohn c Ts & wuWt p »

of in^sration would be too than maximum short-term rate their funds’ overseas assets— invest. This is as much as the siackoi. r is a wm s “

a" it. ..A,., of raHim ,.^11 Iia n.iuont mKne ora oc Vicfl, tAtel ranWnl iTivocfmant in T rK" Bord*. F 23 73 Montn.T C l

O r inr-grautMi WUUIU uc wu juvii-itiu, 1B16 MAM. . — w ... ...... . »» _ -- -r . * c 11 » r I

great lor the private sector of return will be the criterion, present ratios are as high as 20 total capital investment in UK ^ 17 S c 1: 63 futures.

kind of conditions in which there are
big opportunities for profit from
investing in Krugerrands or gold

financial element to be desig-
nated as true risk capital.

Although the TUC argues that P er TOnt * n 501118 cases ” which manufacturing last year, the 13 ’' c 17 w Munich" i 21 to However, the snag for the private

all this can be done without woitid be redded as UK oppor* TUC oot« If insured schemes r ts m Najow F g 73 individual is that all the profits from

violating Trustees’ existing legal tumties increased. Direct invest- are- included, toUl assets could JJJJ- g « MN" J " KriiflfcrranA* or tfnld future^ inwstm-i

obiigations, its bid for funds ment in South Africa would be be as much as £90bn. cm?'» c 2 I 75 S^Srtt.C w 61 KrugCTrandSOrgOia iuturesimestm^i

The return on e separate violating trustees’ existing legal [unities increased. Direct invest- are- included, total assets could
Victoria-Gatwick link would obligations, its bid for funds ment in South Africa would be be as much as £90bn.

comes out of our "jobbers turn' which
averages only 1 % of the total value of die
bet.

And when you take a position with
us. you make only a 15 % deposit on the
■ total value of vour bet— which means

depend on the forecast growth will be seen by many in the avoided entirely. If necessary, * Revort on Pension Fund 1 SfP* 1 !- i JS SJ S“ -J I « 2

Of n,hmrV material?*!- Cite nalrorilir^ wnWtteal Th 0 trada iininn noEfttiators should _ " e P c ' rt on reTlswn Chta.t R t8 64 Nieoai* S 31 W

in traffic at Gatwick materiaiis- City as nakedly political The trade union negotiators should . . . . T „ loto . ehfn . Sgi e « S5 SSSa

ing, which in turn wifi depend TUC plans are tailored to fit a demand alterations to trust J ” r 1 ^ tm f nt „ T t ^ p ’ cjSin. f ^ S S£

on the second terminal at Gat- revamped industrial strategy deeds to make Chat pokey TUG, congress House, erect Corfu s 31 ss Pans

trick going ahead. and State planning system explicit. Russell Street. London WC1. * ]* g

trick going ahead. and State planning system

The station at Gatwick has drawn up in tandem with the

Russell Street, London WC1.

s 23 73
C M 57
F 23 73
S IS 64

been modernised ait a cost of Labour Party.

£15m. which the terminal at An illustration of what would

mmm- . J _ mC iL - rTTT^ Im

Victoria is estimated at £20m. happen if tbe TUC’s strategy is 1 ni Pnntinnpri frnfn Pairp 1 c 22 72 s***. s 23 73

Refurbished rolling stock, with successful has already been ^ununueu uuin .rage x Funchaf c 22 72 s-ekeat ? to k

specially designed luggage vans, provided by Mr Arthur Scargill, f £ 2 £*■■?♦ >c 28 ZL

permanently coupled to an elec- president of tbe National Union The balance of payments is The CBTs view of the world c u h stdSm! f 19 es

trie locomotive would be used oi Mineworkers, and a new expected to achieve a surplus on economy has also become more G-miar f j? m stnsbq. f 72 73

on the link. trustee of the Coal Board pen- current account of about £2bn pessimistic since its last fore- Heminki s is m Tangier s 29 m

The plan is that the new com- rion fund. He and his four this year, but increasing import cast in May. It now expects no »• c 31 sa t»i A*iv s m a

CBI

Denvcrf F 16 61 Parth S 16 b4

Dublin C T4 57 Pragtw F 22 72

Dbnrnk. S 27 61 Rykjvk. C 10 50

Ertnbgh. R 17 63 Rhodes S 33 91

Faro S 26 79 Bio J’ot — —
Ficroree F 27 81 Rome S 27 81

Frank!:. C 22 72 Salzbrg. S 23 73

Funchal C 22 72 S’eiecot F 13 55

Krugerrands orgold futures Investment you don't have to tie up large amounts
are liable to income tax of up to 75 % . of capital.

The solution to this problem is For a cost-effective way of speculating

I G Index. in geld or other futures markets, send

Wereahighlyspecialised bookmaker. ' the coupon for further details today,
and with us you can make a wager tha l

the price of gold will move ei the? up or iW&r "

specially designed luggage vans, provided by Mr Arthur Scargill,
permanently coupled to an elec- president of tbe National Union

on the link.

.The plan is that the new com-

v would set its own fares, fellow trustees from the NUM penetration is expected to growth in the total output of i r 13 55 Tokyo r 20 79

idng a service every 15 have rejected the fund's latest swing into a deficit of £500m the the OECD countries this year, i.o.Man r 13 55 TYntot c 12 m

pany wi
running

Tb: Christopher Graham. I G Index Llmiicd. :-I I Grosvcnor Gardens.
London SXV1W OBD. Telcphoiit-: 0 1-&2S 5 G&9 Prcstd Pa 30 A 5 i£ l
Please let me have details oi: . — , y

Commodity and Financial Fu Lures fine Goldl |_) . — , J?

Stock Msake t Futures { toe Dow- Jones and FT indices} 1 I

minutes. BR recognises that the investment plan bemuse it seeks following year.

present Gatwick service and to increase the ratio of invest- This compares with a fore 4 per cent next year.

followed by growth of only 1 } Istanbul S 31 SB Tunis S 31 88

nor mar. C 17 §7 ItUnof 5 S 5?

inde:

Jo'burg S 24 75 VeniCB S 23 73

some of the rolling stock are ment placed abroad and with cast of a surplus of £l|bn for World trade is expected to l pim*. c 24 75 vr«niu c 20 ss I Telephone iDaviirae)

not satisfactory. If the plans the oil companies, a competitor J983 predicted in May before increase, by 2 per cent this Lisbon f 2 | rajwa^w f ® *

receive Government approval, industry. the extent of import pene- year and by 2| per cent next Loca ™'" ~~ r . - ■ .

it would hope to have the link There has bees talk of a test tratioa -was known, and when year, compared with 4 per cent cunnv '

working by tbe spring of 1984. case in the courts, after a dash exports appeared more buoyant in 198 L t Noon gmt tmpfliMM.

FT3I.B.S2

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t Noon GMT lamp* returns.

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